OPEC . The annual release of the bloc’s World Oil Outlook points out that if just a quarter of the world’s cars run fully on batteries, demand would plateau at 109 million barrels per day between 2035 and 2040. “It is highly unlikely that electric vehicles will penetrate the passenger car segment with this strength in less than 24 years,” according to the report published on Tuesday. “Nevertheless, several countries have publicly stated their intention to achieve an even higher share of electric vehicles in new sales.” In the United States and Canada, the adoption of ride-sharing apps and fuel-efficient cars should result in a seven percent demand drop by 2040 as well, continuing the trend in declining oil demand without the direct public sector push seen in parts of Asia and Europe. There has been a change in traction for EVs in just the past year or two, […]