… due to falling demand for fossil fuels.
>The company writes in the report that refineries in Europe operate in an increasingly challenging market that is characterized by declining demand, overcapacity and strong competition. The demand for liquid fuel for road traffic in Norway is declining.
Sale of both gasoline and diesel has been falling steadily since 2016
I think this could be a very interesting discussion: Will this make fuel more or less expensive? Will fuel production lose economy-of-scale benefits? Will governments be encourage to accelerate the transition to EVs when countries start losing their own refineries? Will it be more expensive to import fuel, and will it be a national security concern?
And will this affect the supply of other petrochemicals and fuels?