Almost one in five cars sold this year will be electric-powered, cutting the need for 5m barrels per day (bpd) of oil by 2030, according to the International Energy Agency (IEA) in a new report.

Electric cars are expected to reach a record 18% of all new car sales in 2023, compared with just 4% three years ago.

The expanding electric car sector has implications for oil demand and the tanker sector, according to the group’s projections.