In Europe, refining margins are very small and in some cases negative. In principle this situation should-be attributed to:
An overproduction of oil products,
A slowdown in the economy with low market demand,
Technological advances in the automotive industry,
Appearance of electric motors,
Greater environmental awareness.
Unfair environmental requirements competition between EEC, USA, Eastern countries, Africa, Asian and Australia.
If actual pandemic illness stands for long time, it will contribute to the shutdown of lots of refineries and of course this is going to be beneficial to improve world air quality, but in the other side lots and lots of employees will be submitted to massive unemployment. The world economy will suffer a general slow down with unknown consequences to the people.
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