Over the past 58 years, major oil-producing states have aligned their interests in the ‘Organization of Oil Producing Countries’. During those years, OPEC has been able to steer price of ‘black gold’ in a direction more favorable to its members. The goal of this organization has been to “coordinate and unify the petroleum policies of its members”, while at the same time “ensuring the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum”. In this perspective, the rise in sales of electric vehicles or EVs is more or less a threat to the flow of income of these countries. This process has been seriously accelerated by the sharp decline in battery production costs in recent years. In the long-term, EVs will account for 8 percent of total vehicle sales in 2025, 24 percent by 2030, and 54 percent by 2040. This means […]