In its annual report published last week, BP (www.bp.com) says that it forecasts “a revolution in electric-car use that could halve the demand for oil for vehicles, and the effect will be amplified by a huge increase in car sharing and pooling options, offered by firms such as Uber.

The oil and gas producer has increased the number of electric vehicles it expects on the world’s roads in 2035 from 57 million in last year’s report to 100 million.

It says that, in addition to the “soaring popularity of low-cost electric taxis and falling costs of electric-battery storage”, more people in emerging economies are forecast to become car-owners for the first time and will buy electric or high-efficiency vehicles.

Spencer Dale, chief economist at BP, believes that the rise in electric cars could cut oil demand for vehicles from almost 25 million barrels of oil a day to 15 million by 2035, while a quicker-than-expected uptake of new energy-efficient technologies — due to Government support — could lead to an even greater shift away from oil use.