Global EVs Cut Daily Oil Demand by 2.3 Million Barrels in 2025

According to BloombergNEF (BNEF), the global adoption of electric vehicles (EVs) is projected to reduce daily oil consumption by 2.3 million barrels in 2025, with electric two- and three-wheelers in developing countries making a significant contribution. BNEF forecasts that if countries continue promoting affordable technologies, this figure will exceed 5.25 million barrels per day by 2030. Another organization, Ember, offers a more conservative estimate of 1.7 million barrels per day and notes that China, Europe, and India are saving over $28 billion, $8 billion, and $600 million annually, respectively, on oil import expenditures. Although policy adjustments in some countries have tempered expectations for EV growth rates, high oil prices have reignited market interest. Currently, 39 countries worldwide have EV sales accounting for more than 10% of total vehicle sales. In 2025, China surpassed the 50% mark for the first time, while Vietnam and Thailand reached 38% and 21%, respectively. Experts say the growing cost-effectiveness of EVs is becoming increasingly evident, making them a rational choice for mitigating energy-related risks.