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Norway’s Oil Demand Hasn’t Crashed Despite Record EV Market Share
Despite 90% of new car sales in Norway being electric vehicles, the impact on the country’s oil demand has been negligible.
The fact that a record 90% share of all new car sales in Norway are electric has failed to make any impact on the country’s oil demand, indicating that hopes of rising EV uptake making an immediate dent in global oil demand are unrealistic. This share has jumped to over 90% this year, but the impact on Norway’s oil demand “has been negligible,” bank UBS said in a note this week carried by Investing.com. “We continue to believe it will increase over the coming years, then plateau and begin a gradual decline at some stage during the next decade.”
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