Increase in world oil demandWhile EV's will undoubtedly reduce the demand for oil over time, oil demand will likely increase for another 10 - 15 years at which point it will peak and come down slowly.
EV's get a lot of talk but we must keep in mind that cars only represent approximately 27% of oil demand.
A much larger area to look at is form lifestyle where it represents 40% of oil demand and is based on the size of our population which is expected to grow by 2 billion people over the next 25 years and the bulk of this increase is from poorer countries where very little oil is being used currently. These countries don't have EV's and the people are simply trying to stay alive. They will not think twice about useing oil when their standards of living allow them to use it. For them it is a different ballgame and this is the big reason why oil demand will continue to grow for 10 - 15 years irrespective of EV's becoming more popular in the richer countries.
But as I always say, the "elevated" price of oil has to do with a lack of supply and not about an increase in demand. The issue will not go away anytime soon, even it Iran agrees to put its nuclear apirations aside to allow it to sell its oil legally, which of course we know is being sold to a large extent of the black market. Any Iran deal will knock down the pirce of oil. Temporarily. It will then bounce back as investors realize that is only a bandaid solution. The supply issues will take at least 5 years to solve.
Here is an article of interest: oil demand holds up in Norway despite record EV
Oil demand holds up in Norway, despite record electric car sales | UBS United States of America