Electric vehicles save 1.2 million barrels of oil daily according to new study

Battery electric vehicles currently save 1.2 million barrels of oil per day globally, according to a study released by Transport & Environment (T&E) on November 14, 2026. The findings were presented during the COP31 UN climate conference held in Antalya, Turkey. This daily oil savings represents approximately 1.2% of total global daily oil consumption.

Growth in vehicle sales and fleet share

The study highlights a significant shift in the global automotive market toward electrification. Battery electric vehicles currently represent 4.2% of the global vehicle fleet. Despite this relatively small total fleet share, these vehicles account for 25% of all new car sales worldwide. This share of new car sales attributed to battery electric vehicles has increased by 6.6 percentage points compared to five years ago.

The transition is also visible in specialized vehicle sectors. Electric buses currently account for 5% of the global fleet. Electric trucks represent 1% of the global fleet, although they exceed 50% of new vehicle sales in some countries. The rapid adoption of these technologies is changing the landscape of global transportation and energy demand.

Impact on oil consumption and emissions

The impact of battery electric vehicles on fossil fuel reliance has grown rapidly since 2021. The current daily oil savings from battery electric vehicles is five times higher than the 215,000 barrels per day recorded in 2021. Transport & Environment stated that the oil savings provided by electric vehicles has increased fivefold worldwide since COP26, where leaders committed to ending the fossil fuel vehicle era by 2040.

Beyond oil savings, the environmental benefits include significant reductions in greenhouse gases. The current global battery electric vehicle fleet prevents more than 200 million tons of CO2 emissions annually. This reduction in emissions is a critical factor in international efforts to mitigate climate change through decarbonization of the transport sector.

Future projections for electric mobility

Looking toward the next decade, the scale of oil displacement is expected to expand significantly. Transport & Environment estimates that battery electric vehicles could replace approximately 5.8 million barrels of oil per day by 2034. This projected increase suggests that the decarbonization of transport will play an increasingly vital role in global energy trends as the technology matures and scales.

The data released during the COP31 summit in Antalya underscores the growing role of electric mobility in meeting international climate goals. As the share of new car sales continues to rise, the total volume of oil displaced by battery electric vehicles is expected to grow, further reducing the global carbon footprint associated with passenger and commercial transportation.

Glossary

• COP31 — COP31 is a United Nations climate conference. It was being organized jointly by Turkey and Australia.
• Antalya — Antalya is a city in Turkey.
• COP26 — COP26 is a climate conference where leaders committed to ending the fossil fuel vehicle era by 2040.
• battery electric vehicles — Battery electric vehicles (BEVs) are a subcategory of plug-in electric vehicles. They are motor vehicles that can be recharged from an external source of electricity to drive the wheels.