Electric vehicles may cut global refining capacity demand by half in 2050: Rystad

The consultancy expects pent-up oil demand from the Covid-19 pandemic to drive up global crude processing to 80.1 million barrels per day in the second half of 2021 as refiners maximise gasoline output.

A global drive towards electrification of road transport to reduce carbon emissions may cut demand for the world's oil refining capacity by half in 2050, consultancy Rystad Energy says.