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- Mark Nelson
Downstream oil companies are venturing into new fuels, partnerships, and business models to reduce carbon emissions and to address inevitable declining demand for traditional fossil oil product. Companies are setting different emissions targets to address climate policies, investor requirements, and societal pressures. However, regulatory frameworks are still evolving, and the scale of low-carbon fuels production is small relative to oil markets. As companies address carbon emissions from transportation fuels and the oil supply chain, they also seek to ensure affordability and reliability of transport fuels and feedstocks. How will the new climate-focused landscape shape refining profitability and investments? What are the roles of biofuels, petrochemicals, retail, and other integration options in downstream strategies? Is there a scalable role for refining businesses and assets in carbon capture and the production of renewable hydrogen and related fuels? How will national and regional regulations influence refining and international trade competitiveness?