The message from electric vehicle sales data is now clear: the EV revolution is alive and kicking and poses important implications for oil demand. We are slightly more optimistic on the pace of EV adoption than other forecasters and suspect the drag on oil demand by 2050 will be large. We think the oil displaced by EVs in the US and Europe in 2050 could be equivalent to 7.5-8.0% of current global oil demand.
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