EVs wiped out oil demand equal to 70% of Iran’s exports in 2025
Why it matters: A swift plunge in oil demand threatens traditional energy power balances and reshapes global geopolitics.
- International Energy Agency (IEA) projects that electric vehicles will cut oil demand by about 8 million barrels per day by 2025, roughly 70% of Iran’s export volume that year.
- BloombergNEF forecasts EVs will capture 30% of the global car market by 2025, accelerating the demand decline beyond earlier expectations.
- OPEC acknowledges the looming revenue hit but argues the transition will be gradual, urging member states to diversify.
- Iranian officials warn of fiscal strain and are fast‑tracking non‑oil economic diversification plans.
EV adoption is set to slash global oil demand by an amount equal to 70% of Iran’s 2025 exports, according to IEA and Bloomberg analyses, signalling a rapid shift in the energy landscape that could reshape markets and geopolitics.
