EV Uptake is Undercutting Demand for Oil in Notable Markets
The global energy landscape is changing, and electric vehicles are at the center of this shift. As more countries embrace batteries and clean transport, the demand for oil is beginning to weaken. What once looked like a distant possibility is now visible in real numbers, especially in markets leading the electric vehicle transition. One of the clearest examples is Norway. Nearly all new cars sold there are electric, and this rapid adoption has already caused fuel consumption to fall. Between 2021 and 2024, gasoline and diesel use dropped by 12 percent. China, the world’s largest oil importer, is showing the…