Potential of EV charger market for oil companies

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【Summary】Oil companies are expected to invest in EV charging as the demand for oil is projected to decline due to the rise of electric vehicles. While it may take until the late 2040s for oil demand to fall below 100 million barrels per day, oil and gas companies are preparing for the long-term shift. Doron Frenkel, CEO of Driivz, a smart EV charging management software developer, discusses the challenges and opportunities of this transition.

FutureCar Staff Aug 25, 2023 4:24 PM PT

Potential of EV charger market for oil companies

A July 2023 report from Wood Mackenzie predicts that the demand for oil will reach its peak at 108 million barrels per day in the early 2030s. Afterward, the demand is expected to gradually decrease over the following decades. The decline in demand will be influenced by various factors, including the use of fuel cells and synthetic fuels in vehicles. However, the report highlights that electric vehicles (EVs) will have the most significant impact in displacing the demand for oil.

While it may take until the late 2040s for oil demand to fall below 100 million barrels per day, oil and gas (O&G) companies are not likely to overlook the long-term decline in profits. Doron Frenkel, the Chief Executive and Founder of Driivz, a smart EV charging management software developer, emphasizes the increasing certainty of O&G companies' investment in EV charging. Frenkel mentions their experience in assisting O&G firms, such as Hungarian oil firm MOL Group, in navigating the transition towards EV charging.

In an interview with Automotive World, Frenkel discusses the challenges associated with shifting from oil to EV charging, the strategies to achieve this transition, and the remaining opportunities for growth in the EV charging industry.