Electric vehicles (EVs) today are not the end of global oil demand growth, nor are they the key solution to reducing carbon emissions, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said during the ‘Strategic Outlook on Energy’ panel at the World Economic Forum in Davos on Tuesday. According to Birol, analysts need to put things into perspective and consider that five million EVs globally is nothing compared to 1 billion internal combustion engine (ICE) cars. “This year we expect global oil demand to increase by 1.3 million barrels per day. The effect of 5 million cars is 50,000 barrels per day. 50,000 versus 1.3 million.” “Cars are not the driver of oil demand growth. Full stop,” Birol said. The drivers of oil demand growth are trucks, the petrochemical industry, and planes, with Asia just starting to fly, the IEA’s head said. “To say that the […]