Fuel Consumption Decline in Europe, China's Surge in Diesel Demand, and the Need for Stronger Measures to Limit Global Warming

Fuel consumption in Europe is expected to decline significantly due to weak economic growth and reduced demand in the manufacturing and transportation sectors. China, on the other hand, is experiencing a surge in demand for diesel-type fuel due to its booming property sector and investments in petrochemical capacity. The International Energy Agency warns that global warming may require stronger measures to limit it to 1.5°C, including tripling global renewable capacity and reducing methane emissions. Oil refiners are facing a decline in gasoline demand due to factors like rising fuel efficiency and the rise of electric vehicles.