I've postulated in the past (pre-pandemic) that oil demand would never exceed 105-110 million barrels per day before rolling over due to EVs taking on more momentum. I now believe it will barely exceed its previous record high of 100 million barrels per day before rolling over due to ICE efficiencies and EVs. There is almost no oil used for electrical generation now (isolated grids using coal or diesel excepted) so oil is not a factor in electrical generation anyway. Coal will be replaced by renewables and nat gas, mostly in the form of LNG. Many of the largest development projects in the world today are gas related along with XOM's Guyana oil developments.