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Global Oil Under Stress

As Chevron writes down $11 billion on assets, and refineries struggle to operate in Europe, global oil might have seen its best days.

Europe’s push toward cleaner energy and declining oil demand are threatening its refineries, some of which have been struggling to find buyers for years.

The continent has led the global drive away from fossil fuels by integrating renewable energy, including solar and wind power, into its power grid and supporting the development of electric vehicles. The region has implemented more climate policies than any other part of the world, according to the European Union