2,760,000,000€ in oil savings for Europe: electric cars replace 200,000,000 barrels worldwide in 6 months.

27/10/2026 11:00

Updated to

27/10/2026 11:00

The expansion of electric cars is beginning to have economic consequences that go far beyond the fuel savings for their owners. Europe continues to debate the future of internal combustion engines, while manufacturers work to expand their range of electrified vehicles. Now, a new study has provided figures for one of the less visible benefits of this transition, namely the reduction in dependence on imported oil. And the results are particularly striking at a time of severe international energy instability.

According to an analysis by the energy research center Ember, electric and plug-in hybrid cars replaced the consumption of approximately 200 million barrels of oil between March and August 2026 in the analyzed importing countries. This amount is equivalent to around $20 billion, or approximately 17.820 billion euros at current exchange rates. Of this total, about 2.760 billion euros relates to countries within the European Union.

Europe avoids importing oil worth 2.760 billion euros

The report analyzes market trends in 56 countries that account for over 90% of global electric vehicle sales and more than 80% of total automobile sales. Its findings show that the electrification of transportation is already significantly reducing the amount of oil that many economies need to import. In the European Union, the estimated value of oil replaced during those 6 months amounts to $3.1 billion. Germany and France are the two EU countries that contribute the most to this reduction, with $760 million and $560 million respectively.

However, Denmark stands out when comparing oil savings to the country’s total consumption. According to Ember, its current fleet of electric vehicles allows for the substitution of an equivalent to 6.4 million barrels per year, a figure that represents 13% of all oil consumed by Denmark in 2025. Outside the European Union, the United Kingdom also shows significant impact. Its electric cars have replaced oil worth around 704 million euros during the same period. Together, Germany, France, Denmark, the Netherlands, Sweden, and the United Kingdom have avoided consuming oil worth nearly 2.0 billion euros.

China accounts for $14 billion of global savings

Although European results are significant, China remains the country that benefits most economically from transportation electrification. Its fleet of approximately 44 million electric cars replaced oil worth $14 billion, or about 12.480 billion euros, between March and August of this year. According to the report, this amount accounts for around 70% of global savings. The difference is mainly explained by the size of China’s market and the large number of electric cars already on its roads.

The study also distinguishes between different propulsion technologies. Of the $20 billion in oil replaced worldwide, about $16.5 billion relates to fully electric cars. The remaining $3.5 billion comes from plug-in hybrids, which also help reduce fuel consumption though they still use internal combustion engines. These figures reflect a positive trend in global vehicle registrations. During the first 8 months of 2026, sales of fully electric cars increased by 11% compared to the same period last year, while sales of vehicles with internal combustion engines declined by 6%.

The Hormuz Strait crisis demonstrates the economic value of electric vehicles

This analysis is particularly relevant given the energy crisis triggered by the conflicts between the United States, Israel, and Iran. Tensions in the Hormuz Strait, a route that typically carries around one-fifth of the world’s oil supply, have caused significant uncertainty in international markets. The price of a Brent barrel, which was around $67 before the conflict began at the end of February, approached $100 during October.

This increase raises the cost of imports for countries dependent on foreign oil, but it also boosts the economic value of fuel that is no longer consumed due to electric vehicles. Euan Graham, senior energy analyst at Ember, believes that countries that invested early in electrification are now better prepared to handle such situations. He explains that every electric car on the road reduces an economy’s exposure to oil market fluctuations, a protection that grows as the fleet of electric vehicles expands.