Climate Changed
Big Oil Just Woke Up to Threat of Rising Electric Car Demand
- OPEC quintupled forecast for battery powered cars in last year
- Oil majors and automakers diverge on outlook for EVs
QuickTake: The Drive Towards Cleaner Cars
This article is for subscribers only.
The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat.
OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. to BP Plc also revised up their outlooks in the past year, according to a study by Bloomberg New Energy Finance released on Friday. The London-based researcher expects those cars to reduce oil demand 8 million barrels by 2040, more than the current combined production of Iran and Iraq.