Electric vehicles (EVs) are poised to make a significant dent in the oil industry's dominance, according to a new forecast from Goldman Sachs. The investment bank predicts that the surge in EV adoption may cut oil demand by as much as 1.5 million barrels per day by late 2027, a development that could have far-reaching implications for the global energy market. This projection is based on the assumption that EVs will continue to gain traction, with many countries setting ambitious targets to phase out internal combustion engines in favor of cleaner alternatives. As the world's largest oil consumers begin to transition to electric power, the oil industry will need to adapt to a rapidly changing landscape.
Goldman Sachs says EV surge may cut oil demand by late 2027 Reuters
