Global carbon electrification campaign to reduce carbon emissions can reduce the demand for world oil processing capacities in 2050. Reports about it Reuters with reference to the prediction of analysts of the consulting company RYSTAD ENERGY.
Senior Vice President and Head of Processing Division in Rystad Energy Mukesh Sakhdev pointed out that by the middle of century, the proportion of electric vehicles can be up to 90 percent. According to the analyst, this scenario is likely to lead to a decrease in current world capacity for 50 percent.
“electric cars will reduce the world consumption of gasoline and diesel fuel, but the demand for other petroleum products in the aircraft, maritime and petrochemical sectors can remain high due to urbanization, which will create a problem for the oil refining sector,” he commented.
Rysted Energy Analysts expect an increase in demand that has previously reduced due to a coronavirus pandemic to 80.1 million barrels per day.
In mid-August 2021, the oil refining in China collapsed to a minimum over the past 14 months. The own actions of China led to a record reduction in volumes, which strengthened the pressure on independent enterprises. Previously, such a fall was recorded in May 2020 in the midst of a pandemic. This year, China’s authorities hold reforms in the private sector of the oil refining industry to limit environmental pollution and close the tax loosenings for industrialists.