News Summary

• Goldman Sachs: War-driven oil shocks will lead to a surge in demand for electric vehicles.
• Goldman: For every one million drivers who made the switch to an EV in the US, daily oil demand would fall by roughly 30,000 barrels.
• The analysts also noted that the EV-driven hit to crude demand could be even worse than the current analysis suggests, as their forecast did not account for non-passenger EVs, which are gaining popularity in major markets such as China and India.