[Tinordi]

And another good discussion paper from BNEF on the systemic disruption that the EV future represents, the whole article is worth a read but here's the relevant part to the thread topic:

Oil companies and oil exporters
The flip-side of additional electricity demand from electric vehicles is of course reduced oil demand versus the 100 percent liquid-fuel-based fleet. In our central NEO scenario, there is a reduction of 13 million barrels of oil per day by 2040. Of course, there are other moving parts when it comes to absolute levels of gasoline demand, including the impact of GDP growth on car ownership in emerging markets, further improvements in the efficiency of internal combustion engines, modal shifts in transportation, and penetration of compressed natural gas, biofuels and other alternative transport fuels. But what is clear is that a rapid shift to electric vehicles, on the scale we are expecting, would be bearish for oil demand.

Last month, Wood Mackenzie reported that upstream investment in the oil industry between 2015 and 2020 was slashed by over $1 trillion in the aftermath of the 2014 oil price crash. The orthodox view – certainly held by Ali Al Naimi, Saudi oil minister at the time his country decided to open the taps – is that the oil price must inevitably soar again in due course, as demand growth absorbs excess capacity and new supply fails to materialize. A rapid uptake of electric vehicles, such as the one we envisage, makes this a whole lot less likely.

The very fact that there is now a scalable technology competitive with internal combustion vehicles means there is a cap on long-term oil prices – currently around $80 per barrel but dropping fast. Never mind “lower for longer”, oil prices could well be “lower forever”. That would drive a lot more downsizing and consolidation among international oil companies and oilfield service providers, as well as deep pain and the need for economic restructuring among oil-exporting nations. Venezuela is unlikely to be the last oil-producing state to require international rescue.

https://about.bnef.com/blog/liebreic...-not-just-car/