Statoil CEO believes the electric car triggers oil industry within five years

Equinor headquartersEquinor headquarters.Photo. Norway Today Media


Statoil chief, Eldar Sætre, believes that in 2020, the oil industry can reach the top pick and start to slow down towards the bottom.

The reason is the strong growth in electric vehicle market.

For sure with the growth in electric car market the revenue for petrol and diesel manufacturers will deteriorate slowly.

Meanwhile, oil industry again will face slow down towards bottom, mentioned Statoil CEO, Eldar Sætre, written the website Climate Home.

The transport sector currently accounts for 55 percent of world oil consumption.

Statoil chief said the change will hit us quickly and we will reach the top of market already for 2020.

– After that we will see a shrinking oil industry, said Sætre, who added that Statoil wanted to take part in the transformation of the energy industry.

– He said, we do not want to just stand outside and watch the situation, reported the Financial Times.

Sætre’s prognosis was conveyed on oil and gas conference “Oil & Money,” as New York Times and other news site arranged a gathering for Energy Intelligence in London this week.


Source: NTB scanpix / Norway Today