Middle East oil producers worried about electric vehicle sales

Middle Eastern oil producers are concerned that more and more people are choosing to buy electric vehicles .


Due to the rise in the price of oil  worldwide, more and more people choose to buy electric vehicles , this increase in demand is worrying oil producers .

Iraqi Oil Minister Ihsan Adbul Jabbar shared his concern with The New York Times , noting that members of the Organization of the Petroleum Exporting Countries (OPEC) are worried that people will no longer buy combustion cars . .

Jabbar noted that they plan to increase the production of barrels of oil . However, producers fear that high prices will hasten the “transition to electric vehicles and reduce our dependence on oil” .

The sale of electric vehicles increases every year

It is a matter of time before there are finally more electric vehicles than combustion cars on the different roads of the world. Several car companies are targeting electrification in the coming decades, and more and more governments are paving the way for the growth of the electric car industry .

Rising gas prices have made more people interested in an electric car . According to Auto Trader , ” As gas station prices began to rise, so did consumer interest, with new electric vehicles now accounting for more than one in five (22%) of all new ad views. ” .”

Additionally, Auto Trader notes that Kia and Hyundai have been the most successful brands to transition to electric, “leaving their premium European counterparts behind in popularity.”