How interesting. And it seems it has already begun:
According to forecasts by Commodity Insights, refinery utilization rates will drop from around 84% in 2024 to 81% in 2027 as refiners adjust to a weaker margin environment, accelerating closures through 2029-2030.
Close to 1 million b/d could be shuttered over 2029-2030, according to Commodity Insights forecasts, more than double the 473,000 b/d after the financial crisis (2007-2009) and well above the 656,000 b/d closed due to Covid-19 pressures (2019-2021).
Germany and France, meanwhile, are another million electric cars not favouring the oil companies. Just China and Europe and already that is 15% of world demand for gas cars.
Heavy transport and farming will take longer, but the push for electrification in transport is real.
The first big thing to go will be refineries. They can only lower production by 20% of capacity. The number of refineries is rather low.
How interesting. And it seems it has already begun:
Germany and France, meanwhile, are another million electric cars not favouring the oil companies. Just China and Europe and already that is 15% of world demand for gas cars.
Heavy transport and farming will take longer, but the push for electrification in transport is real.