$USO World oil demand could peak as soon as 2030, Bank of America Merrill Lynch analysts predict, as 40% of all car sales will be electric vehicles by then, thus reducing the need for oil as a fuel for transport.
“Electric vehicles will likely start to erode this last major bastion of oil demand growth in the early 2020s and cause global oil demand to peak by 2030,” BofA says in its report.
Even as strong global oil consumption helps to push crude prices higher, the rise of electric vehicles is seen as one of the biggest long-term threats to demand.
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