EV charging is a “core business” in BP’s transition strategy

The early to mid 2030s are set as a phase-out period for new internal combustion engine (ICE) vehicles in Europe, North America, and some territories in Asia. Until then, demand for oil is still expected to steadily increase for much of the preceding decade. However, the clock is ticking for Big Oil.

A July 2023 report from global research firm Wood Mackenzie forecasts that industry output will peak at 108 million barrels per day just as ICE phase-outs begin to take effect. From that point on, it expects electric vehicle (EV) uptake to be the primary factor that gradually displaces and reduces oil demand.