Rising oil price may speed shift to electric vehicles, says energy watchdog

Rising oil price may speed shift to electric vehicles, says energy watchdog

IEA analysis offers hope for climate action but says inflated oil price may slow global economic recovery from Covid-19

Rising oil prices could help speed climate action by accelerating the shift to electric vehicles, but would come at the expense of the economic recovery from the Covid-19 pandemic, according to the global energy watchdog.

The world’s demand for crude surged by an average of 3.2m barrels a day (b/d) compared with the previous month but the return of oil production has failed to keep pace, triggering a steady rise in market prices.

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