NEW DELHI, May 25 -- Electric vehicles are beginning to dent global oil demand in measurable ways. EVs could displace as much as 5 million barrels of oil demand per day (mbd) by 2030 under current policies, according to the International Energy Agency's (IEA) Global EV Outlook 2026, reducing oil demand from road transport to around 44 mbd by the end of the decade. EVs displaced an estimated 1.7 mbd in 2025.

For India, the shift could carry significant economic implications. Lower oil consumption could help reduce the country's crude import bill, even as wider EV adoption gradually raises electricity demand.

Mint explains what rising EV adoption could mean for oil demand, electricity consumption and India's position in the global EV mark...