The ability of EVs to compete head-to-head with the internal combustion engine would be “resoundingly credit-negative for the oil sector”, says Fitch, one of the world's "big three" credit ratings agencies.

It would take several decades of strong growth for EVs to come close to rivaling regular automobiles on the world’s roads, Fitch acknowledges in a research note. But, it adds,reduced demand for oil due to EVs “could tip oil markets from growth to contraction earlier than anticipated”.