OPEC declares war on electric cars

OPEC is predicting that 94% of cars on the road will still be powered by oil-based fuels in 2040.

"Without a technology breakthrough, battery electric vehicles are not expected to gain significant market share in the foreseeable future," the organization said in its annual World Oil Outlook.

The group predicts battery-powered electric cars will capture just 1% of global vehicle sales by 2040.

OPEC says there will be little demand for other alternative-energy vehicles powered by hydrogen fuel and natural gas due to high costs and a lack of refueling stations.