Fuels Decline in Europe, BP Faces Credit Downgrades, and Global Shift Towards Clean Energy

Fuels like diesel and naphtha are declining in Europe due to weak economic growth and reduced demand, while China experiences a surge in demand for diesel-type fuel. BP and other fossil fuel companies face credit downgrades due to climate risk. The IEA proposes a global strategy to limit global warming to 1.5C, including tripling global renewable capacity and reducing methane emissions. Oil refiners are facing a decline in gasoline demand as electric vehicles rise. The world is shifting towards clean energy, but investment in fossil fuels remains high.