Global transportation demand for crude oil is expected to peak in the late 2020s, due to the rise of electric vehicles (EVs), improved efficiency standards for internal combustion engine (ICE) cars, and consumer preferences, Wood Mackenzie said in a recent note. Most major oil companies and analysts also believe that by the late 2020s crude oil demand for transportation fuels will stop growing. As a result, major refiners are preparing for a petrochemical future of their crude oil refining processes to replace part of their gasoline, diesel, and other distillates production after 2030. “Many oil production and refining companies are emphasising chemicals – particularly olefins and aromatics – as a key target area for future crude oil long-term demand growth,” wrote Steve Zinger, Senior Vice President, Petrochemicals, at WoodMac. Major oil firms, including ExxonMobil, Saudi Aramco, and Sabic, are developing crude-oil-to-chemicals technologies, while many traditional oil refineries will consider […]