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Indian refiners face an uncertain future-I: The world is changing rapidly
Jan 31: It is now official. One of the world's largest research agencies has said that increasing adoption of electric vehicles will begin to tell on oil refining, retail fuel and lubricants demand sooner than was anticipated earlier.
8What is more, oil companies are beginning to underestimate how the confluence of multiple forces outside the oil and gas industry will increase the velocity and impact of the switch to the electric from the internal combustion engine.
8Specifically, the introduction of autonomous vehicles, coupled with Mobility as a Service (MaaS), will combine with additional societal and technology trends to drive a more precipitous disruption than typically expected—one which is likely to pull electric vehicles into the market and shift the composition of the fleet much quicker than currently anticipated.
8These external forces will usher in a fundamentally new transportation paradigm and begin to disrupt downstream companies in the coming years. What currently seems like a slow-moving threat may have dramatic near-term business implications.
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