Oil remains the largest vulnerability in the fossil fuel economy, while EVs offer the largest lever to cut import bills
London, 18 March – The global electric vehicle fleet avoided the consumption of 1.7 million barrels per day of oil globally in 2025, nearly matching the 2.4 million barrels exported by Iran through the Strait of Hormuz, according to new analysis by global energy think tank Ember.
“Oil is the Achilles’ heel of the global economy,” said Daan Walter, a principal at global energy think tank Ember. “In particular, Asia’s oil vulnerability has been exposed by the current crisis.”
The world’s oil vulnerability
Oil dependence remains widespread, with 79% of the global population living in oil-importing countries. For every $10 per barrel increase in oil prices, the global net import bill rises by around $160 billion per year.
The Strait of Hormuz is a vulnerable chokepoint, carrying a fifth of global oil exports. The wider Gulf region, within range of cheap drones, provides 29% of global oil supply. Asia is particularly exposed, importing 40% of its oil through the strait.
“This is Asia’s Ukraine moment,” said Daan Walter. “But the US experience shows that producing oil at home does not protect economies from global price shocks.”
Oil prices are set globally, so disruptions affect producers and importers alike. In Texas, one of the world’s largest oil-exporting regions, gasoline prices rose by more than 25% since the war started, a larger increase than in oil-importing countries such as the UK and France.
