BY NINIAN CARTER
The global appetite for oil has tumbled by almost a third since the onset of the Covid-19 pandemic, forcing oil companies to close refineries in the belief that demand will not return to pre-pandemic levels.
Oil refineries are being permanently closed in Asia and North America, with plants in Europe facing an uncertain future, because fuel demand has tumbled since the coronavirus pandemic swept the world.
Fuel demand fell by almost a third when the pandemic first took hold in the spring, but consumption is not returning and major oil companies now believe that lower levels of transport are here to stay.
Additional factors such as the growing popularity of electric vehicles, numerous national plans to phase out petrol and diesel engine vehicles, and the increase in green energy initiatives mean there are simply more oil refineries in the world today than demand necessitates.