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EV Adoption Could Slow Oil Demand Growth, Bloomberg Columnist Argues
A Bloomberg energy columnist says he recently bought an electric car because it works well for the trips he makes.
He says the Iran war and high oil prices did not cause his decision.
He thinks more people may choose electric cars as prices fall and more models become available.
Other changes, such as working from home and using alternatives to oil, may also affect how much oil people use.
An oil company executive has said high fuel prices are encouraging some customers to switch to electric vehicles.
The columnist thinks these changes could make oil demand grow more slowly.
He does not expect people to stop using oil soon.
He says oil prices are still being affected by war and disrupted supply, while longer-term demand trends may matter more once supplies return to normal.
Bloomberg Opinion columnist Javier Blas says he bought an electric vehicle because it suits his driving needs, not because of the Iran war.
TotalEnergies CEO Patrick Pouyanné said high fuel prices were pushing customers toward electrification and described recent EV sales growth as spectacular.
Blas argues that the current oil-price shock coincides with trends that could slow demand growth, including electric vehicles, remote work, and alternatives to oil in transport and power generation.
The International Energy Agency estimates electric vehicles will make up about 29% of global car sales in 2026, compared with 25% in 2025 and 1% a decade earlier.
Blas expects oil demand growth to slow rather than collapse, citing ExxonMobil’s projection that demand will rise from about 100 million barrels a day in 2025 by five million barrels by 2050.
- Who
- Bloomberg Opinion energy columnist Javier Blas, who bought an electric vehicle; the article also cites TotalEnergies CEO Patrick Pouyanné and the International Energy Agency.
- What
- Blas argues that electric vehicles and other changes could slow the growth of global oil demand, without causing an imminent collapse in consumption.
- Where
- The discussion concerns global oil demand, with examples including China, Brazil, Europe, and the Middle East.
- When
- Blas says his new EV arrived last week; the article also discusses oil-demand projections for 2026 and 2050.
- Why
- Lower-cost electric vehicles, high fuel prices, remote work, and shifts to other energy sources could reduce the rate at which oil demand grows.
Slower Demand Growth
Continued Oil Dependence
Effect of electrification and other changes
Slower Demand Growth
Blas argues that cheaper EVs, remote work, and shifts away from oil in power and transport could materially slow oil-demand growth.
Continued Oil Dependence
The article does not predict an imminent fall in total oil consumption; Blas says oil use is likely to keep growing, though more slowly.
Long-term oil outlook
Slower Demand Growth
The historical pattern cited by Blas is that oil-demand growth slowed after past crises, and he says current trends could again weaken growth.
Continued Oil Dependence
ExxonMobil projects global petroleum demand will increase by five million barrels a day between 2025 and 2050, rather than decline.
Key facts
- Columnist
- Javier Blas, Bloomberg Opinion energy and commodities columnist
- EV purchase
- Blas says his new electric vehicle arrived last week; he says his decision was not prompted by the Iran war.
- IEA estimate
- Electric vehicles are projected to account for about 29% of global car sales in 2026, up from 25% in 2025.
- Earlier EV share
- The article says electric vehicles accounted for about 1% of global car sales a decade ago.
- Oil-demand growth
- The article says global oil-demand growth has averaged about 1% annually over the past two decades.
- ExxonMobil projection
- ExxonMobil estimates demand at about 100 million barrels a day in 2025, rising by five million barrels by 2050.
- Other trends cited
- Remote work, alternatives to oil in electricity generation and heating, and competing transport technologies.
Quotes
Patrick Pouyanné
Chief executive officer of TotalEnergies SE
“We have observed, in the last six months, a huge surge of electric vehicle sales in many geographies… That could affect the oil demand, for sure.”
theprint.in
“pushing customers to electrification”
theprint.in
Sources
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