Oil has long been considered a cornerstone of the global economy and a critical source of energy for various industries. Despite recent trends towards renewable energy, the demand for oil and other fossil fuels continues to grow. This, in turn, has made oil a popular investment option for many individuals and institutions.
European Union (EU) refineries are turning to alternative sources of crude oil as they look to plug the supply gap left by the reduction in imports from Russia. The shift is a result of rising tensions between the EU and Russia over a number of issues, including human rights, energy policy, and the situation in Ukraine.
The oil refining segment is poised for significant growth in the coming years, driven by a combination of rising demand for refined petroleum products, improvements in refining technology, and favorable market conditions.