• EVs alone could cause peak oil demand by the late 2020’s
• The size of the global EV fleet is the most significant variable determining the potential displacement of oil demand
• Strongly growing annual mileage per EV due to shared mobility services and other trends mean 1 million barrels per day of oil demand could be displaced by just 48.9 million EVs, all other things remaining equal.
• Alternatively, if the fuel economy of the remaining internal combustion engine (ICE) fleet improves in a 2°C-compliant scenario 1 million barrels per day of oil is displaced for each 82.5 million EVs, all other things remaining equal

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