All the research I've done of EV's show that oil demand will not be significantly impacted as the developing world grows and oil demand rises due to that.
Put that in context of the 5% decline of oil fields and the oil market will remain tight and prices high for the foreseeable future. The last 5-7 years of low prices were an anomaly due to US shale oil which is unlikely to be repeated elsewhere.
Woodside (WPL) Strategic Valuation, page-17
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