Global electric car sales up over 50% in 2017

In China, the world’s biggest market for electric vehicles, sales also grew by about half — but their market share remained small at 2.2 percent. (AFP)
Updated 31 May 2018

Global electric car sales up over 50% in 2017

PARIS: Electric car sales around the world rose by 54 percent in 2017, taking global stock across the three-million threshold, the International Energy Agency said in a report Wednesday.
In China, the world’s biggest market for electric vehicles, sales also grew by about half — but their market share remained small at 2.2 percent.
In Norway, electric vehicles have by far the world’s highest market share, with 39.2 percent, according to the IEA.
The Paris-based agency was optimistic about the sector’s prospects.
“Supportive policies and cost reductions are likely to lead to significant growth in the market uptake of (electric vehicles) in the outlook period to 2030,” the report said.
Should policymakers honor their current commitments to the environment, “the number of electric light-duty vehicles on the road (would reach) 125 million by 2030,” it added.
And should policy ambitions develop further, that number could become as high as 220 million in 2030, it said.
But the IEA said that in order for the cars of the future to overtake their petrol and diesel-powered competitors, governments will have to take the lead.
“The main markets by volume (China) and sales share (Norway) have the strongest policy push,” the IEA said.
“Looking ahead, the strongest current policy signals emanate from electric car mandates in China and California, as well as the European Union’s recent proposal on carbon dioxide (CO2) emissions standards for 2030.”
The EU has committed to cutting 40 percent of its greenhouse gas emissions from 1990 levels, and to boosting its use of renewable energy by at least 27 percent.
France, home to Europe’s second-biggest car industry after Germany, has gone further by announcing a plan to end sales of petrol and diesel vehicles by 2040, as part of an ambitious plan to meet its targets under the Paris climate accord.
Electric vehicles use batteries instead of petrol or diesel, thereby massively reducing their damage to the environment.
But they are not without controversy.
Key components in the batteries include the mineral cobalt, much of which comes from the unrest-hit Democratic Republic of Congo.
Rights groups have raised concerns about corruption in the cobalt industry and often poor working conditions for the miners in DR Congo.


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.