Iran Oil Min says 'we have no concern' over exemptions: DJ

But the US is cutting down on Production....according to EIA report, the supply is down by 11% !!!! Whats going on here..... this is a strange world... Should the Oil Price down further down ?

New cars are built to run on electricity and hydrogen, no need for oil anymore, only small quantity needed for lubrication purposes.

The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics.

It's a bit far away. Check the stats about car sales and you see in 2018 from the total ~81 million cars is only 2 millions plug-in hybrid.