Despite Record Electric Car Sales, Oil Demand Holds Up In Norway

Despite Norway achieving record electric car sales (98.6% of new registrations), the country's oil demand has not collapsed due to slow fleet turnover and rising consumption of non-transport oil products. This suggests global oil demand may remain resilient even as EV adoption accelerates.

Key Takeaways

• 1.Record-high electric vehicle (EV) penetration in Norway has had a negligible impact on overall oil demand to date.
• 2.Slow fleet turnover and growth in non-road transportation oil demand (petrochemicals, jet fuel) are offsetting the decline in gasoline/diesel passenger vehicle consumption.
• 3.Global oil demand is expected to continue rising into the 2030s, driven primarily by emerging markets and sectors beyond road transportation.

Table of Contents

• Despite record electric car sales, oil demand holds up in Norway
• Vehicle stock by type of fuel
• Fossil-fuel-powered hybrids used for longer distances
• Norwegian oil demand holds up, despite rising share of zero-emission car sales
• Oil demand growth driven by emerging markets
• Global asset class preferences definitions
• Appendix

Document Preview

Page 1 of 1

Subscribe for full accessStart Free Trial