On 14th May, Simos Efthymiadis (Supply & Operations Deputy Manager/Operations at ELINOIL S.A.) and Nikolaos Liapis (Supply & Operations Director at ELINOIL S.A.) shared their insights into the current situation on Oil Market in Greece, its challenges and future perspectives.
Here we gathered the highlights of the webinar for you.

What is the current state of affairs on the oil market in Greece?

Most countries apply full or partial lockdowns at the moment: restaurants, shops, public sites, factories and plants are closed, leading to a drop in production and supply in all the industries, and the O&G is not an exception.

In Greece, the industry was evidencing the decline in oil products sales - since March, gasoline sales have been dropping by 30-65%, while diesel sales have been decreasing by 10-40%, with the lowest rate in April.

Meanwhile, oil sales grew up to 160% - but mainly due to the low prices.

What are the Oil & Gas perspectives?

Companies are not going to let the crisis interrupt with their projects - they try to deliver the major plans and facilities on time or with a small delay. 

After the pandemic, the industry can expect the expansion of private cars resulting in the growing demand for fuel, but it is not likely to strike the production.

The COVID-19 has affected the Downstream industry a lot: it is not feasible to extract the oil because of the low oil prices, while the decrease in fuel consumption leads to lower production at refineries. Downstream companies drive down the prices to push up sales and increase the margin.

Though many consider production diversification a way out of Downstream crisis, the major refineries keep to their initial plan and are not going to make new investments and diversify.

How will the EU react to new energy consumption?

The lockdown prompts people to consume less - the level of CO2 emissions has gone down in the last 3 months. There are no directives from the European Commission yet, but this new energy consumption will probably lead to the reformation of the EU ideas and baselines of the 2020-2040 energy efficiency strategy.

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