The global fuels market will see a dramatic shift over the next 10 years. Despite its steep reduction in demand in 2020 due to the onset of the COVID-19 pandemic, global liquid fuel consumption is expected to surpass pre-pandemic levels sometime in 2022. Stricter fuel specifications, a changing vehicle fleet, the growing role of alternative fuels and the potential for a tightening crude market will determine developments of the fuel market through to 2030 and beyond. Europe has been leading the way towards cleaner, lower-emission fuels. The proposed Euro 7 standards are set to feature even stricter rules on emission levels for all gasoline and diesel cars, vans, trucks and buses. Other industrialised regions of the world are likely to follow. The pandemic has also accelerated the trend to decarbonise, reduce emissions and incorporate renewable fuels.
