Japan's Idemitsu will shut down a refinery in 2024 in response to an anticipated decline in gasoline demand, Nikkei has reported. The report noted that the expected decline in demand appears to be the increase in the number of more energy-efficient vehicles; that is, the Japanese are driving more EVs. Idemitsu, which is the second-largest oil wholesaler in Japan, reported a record profit for its latest financial year, which ended in April, thanks to the oil price rally. "We have achieved our record profit, but it's hard to be enthusiastic about…
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