Many countries are starting to see their oil demand be affected by the deployment of EVs. Below is the example of Norway where 96% of new cars sold are electric/hybrid. China oil demand seems to plateau too.
This is how transitions start...

https://www.bloomberg.com/news/newsletters/2025-03-28/norway-is-uprooting-its-fuel-pumps-as-electric-cars-take-over?srnd=phx-green
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