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The report also estimates that by the late 2020s, the decline in the use of fossil fuels will lead to one million barrels of crude oil being displaced per day. This figure will further decline to between two and four million barrels per day by 2035 on the back of EV growth. This can directly affect the valuation of oil companies, who currently have oil assets listed on their balance sheets that may never be realized and therefore will need to be written down.

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