(OPEC) Organization of the Petroleum Exporting Countries, believes that the global oil demand will peak at the end of 2030 as the sales of electric cars increase.

If the number of the world's cars that run on battery alone is estimated to be around 25 percent, the global oil demand is expected to plateau at roughly 109 million barrels per day in the second half of the 2030s.

Interestingly, the Bloomberg article states that oil consumption is still going to increase in the following decades as electric cars aren't likely to dethrone their internal combustion counterparts at such a rapid rate, unless a faster-growth scenario occurs.

That said, oil companies are aware that several countries like France and the U.K. have plans to ban the non electric cars but OPEC reckons only eight percent of the world's cars will run on batteries by 2040, barely impacting oil demand.