Recently, Norway’s car market experienced a major milestone. EV sales surpassed conventional combustion engine-driven vehicle sales for the first time. It was a first not only for Norway but for the modern world because it was the first time that it happened in any country on this planet. It is assumed that many other countries, or perhaps all countries will follow Norway down the same path, and as a result, we will see a peak in global oil demand rather soon. Many analysts and institutions have been predicting that it will happen at some point this decade. Looking at the effect that growing EV sales have had on Norway’s oil demand thus far, I have to say that in the absence of an end to global economic growth there is no chance of a global peak oil demand event occurring this decade, perhaps not even next.
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