The sun sets on drilling (Image: Pexels)

Blow for Putin and MBS as oil demand set to slow

Growth forecasts for global oil demand next year have been downgraded as the post-pandemic recovery stalls just as electric vehicle (EV) use surges. The International Energy Agency (IEA) said on Friday that demand will rise by only one million barrels per day (bpd) in 2024, which is 150,000 bpd less than previously forecast. This will

EVs are avoiding about 3% of global oil demand—a fifth of Russia’s total exports

Russia’s ongoing invasion of Ukraine has triggered international sanctions throttling the country’s oil exports, leading to fears of even higher gas prices. But electric vehicle adoption has been helping make the situation less grim. Plug-in vehicles avoided roughly 1.5 million barrels of oil per day last year, according to new analysis from Bloomberg New Energy Finance.

Commentary: Why California’s ban on gas-powered cars isn’t all that radical

Climate change is already doing a lot of damage – and the prohibition on the sale of new fossil-fuel cars is 15 years away. Banning dealers from selling anything but zero-emission cars from 2035, as California Gov. Gavin Newsom decreed this week, sounds pretty radical on first hearing. Electric vehicles are still a relatively niche

Petrol stations may close due to low demand, warns trade body

Petrol Retailers Association warns dramatic dive in sales during pandemic will make businesses “unviable” Petrol stations could be the next victim of the coronavirus pandemic, after warnings that a dearth of business will force many to close in the coming weeks. The Petrol Retailers Association (PRA), which represents the independent fuel retailers that make up

Are Electric Vehicles Near a Tipping Point?

Oil consumption continues to rise in the U.S. and around the world, but as electric vehicles keep growing as a percentage of vehicle sales, there will ultimately be a tipping point on multiple fronts. The first will be manufacturers investing in more EVs to ultimately overtake internal combustion engines, which is happening today from Tesla

The sun sets on drilling (Image: Pexels)

Economics of Electric Vehicles Mean Oil’s Days As A Transport Fuel Are Numbered

The future is not looking bright for oil, according to a new report that claims the commodity would have to be priced at $10-$20 a barrel to remain competitive as a transport fuel. The new research, from BNP Paribas, says that the economics of renewable energy make it impossible for oil to compete at current

The sun sets on drilling (Image: Pexels)

Why oil needs to plummet in price if it’s to remain competitive in the mobility sector

Mark Lewis is global head of sustainability research at BNP Paribas Asset Management. The number of electric cars may be increasing, but there are challenges for charging infrastructure and energy storage. Oil prices will need to fall to between $10 and $20 per barrel if it is to remain competitive in the mobility sector, according

Solar-plus-EVs economics to trigger a ‘relentless and irreversible decline’ for oil, report states

The economics of combining solar and other renewables with electric vehicles is becoming so compelling that the oil sector faces a “relentless and irreversible decline”, a new report from BNP Paribas has concluded. The report, dubbed ‘Wells, wires and wheels’, examines the link between mobility, energy and capital investments, introducing the concept of ‘energy return