This isn't quite how O&G plant maintenance works, they don't shut down and replace everything to last 20-40 years. Maintenance is very focused, engineering departments exist solely to identify the most cost-effective pieces to replace and when to replace them, and down time is kept to an absolute minimum.While bev affect on oil demand is still low, I think already impacting on the supply side. Investment in oil production is down (partly from Covid), and supply getting tighter so prices are up which will feedback into bev sales. If you need to do maintenance on an oil refinery which will extend the life another 20 to 40 years, is that a smart investment? Will make more sense to just milk the existing oil infrastructure till it dies and then retire.
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