Energy think tank Ember has found that the global EV fleet avoided 1.7 million barrels per day of oil consumption in 2025, reaching the equivalent of 70% of Iran's exports through the Strait of Hormuz. The think tank argues that replacing imported oil used in transport with EVs could cut global fossil fuel imports by about a third and save roughly $600 billion per year. The shift is already happening, not just in wealthy countries, but also emerging markets. The International Energy Agency expects global oil demand to peak by 2029 and possibly sooner if EV adoption continues to increase.