Oil use in cars is set to peak within seven years, according to the International Energy Agency, despite the number of motor vehicles on the road growing rapidly as populations swell and people become wealthier.
Ever since the first Model T Ford rolled off the production line in 1908, cars and oil have shared a relationship that has transformed the world. But the IEA said oil consumption in cars will hit a ceiling by the middle of the next decade as adoption of electric vehicles becomes more widespread and more fuel-efficient automobiles hit the road, offsetting the increase in numbers of drivers in emerging market countries.
“After 2025, efficiency measures and alternative fuels continue to suppress demand,” said the Paris-based energy body, with growth slowing even in developing economies such as China.