The global oil refining market faces substantial challenges over the next few decades according to credit rating agency Moody’s following the 2016 Paris agreement as the world shifts away from oil consumption and searches for a low carbon future.
Historically, the global oil refining business has always been a safe bet. Building a refinery is a costly and complex process, and the world has always needed more refined products to produce energy and for transportation. However, as the world transitions away from hydrocarbons towards renewable energy sources, and electric vehicles, the global oil refining industry will have to adapt quickly to ensure that it remains relevant.
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