What does Fit for 55 mean for European oil demand and refining?

The EU published its long-awaited Fit for 55 proposals earlier this year. The package includes revisions to the Regulation on the CO2 emission performance standards of light duty vehicles, as well as revisions to a number of other transport related EU Directives. In this Insight, we assess what the Fit for 55 revisions could mean for European oil demand and refining. Download the associated pdf to discover our views on: - What are the consequences on fuel demand of revising the targets for the Regulation on the CO2 emission performance standards for light duty vehicles? - What are the effects from the Energy Taxation Directive on removing tax exemptions from aviation and shipping? - What are the potential impacts from the FuelEU Maritime initiative on future fuel choices for shipping? Using our proprietary Refinery Supply Model (RSM), we then assess the implications for European refining in terms of crude runs, product trade, crack spreads and refining margins.