RIYADH: Electric vehicles are set to displace more than 5 million barrels of oil per day globally by 2030, highlighting their growing role in reshaping fuel demand and bolstering energy security, a new report stated.
China alone is expected to account for half of this displacement, according to the International Energy Agency’s latest global publication, as it continues to dominate global EV sales, manufacturing, and battery production.
This shift is being driven by the rapid uptake of EVs across both developed and emerging economies, and in 2024, global…
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