Shrinking demand has led to Total reducing European oil processing and sales.
With growing demand in emerging markets in non-OECD countries, French oil major, Total, has taken the decision to reduce its European operations by a fifth by 2017.
Ironically, the European company will expand its operations in Asia and the Middle East. According to the oil producer, the decision is in response to a drop in predicted oil-product demand of 5% from the OECD over the decade to 2020, along with a 255 percent growth in demand from other nations.
In contrast to Total's European withdrawal, other producers have seen Europe as a positive area for development, with OATS recently reporting on Lukoil and Q8's decision to invest in Europe.