The outlook for the global refining market varies across regions and scenarios, but declining demand overall is likely to lead to closures and put downward pressure on industry profits. Still, the industry will remain a powerful force around the world: although it may shrink in some regions by the 2030s, it is likely to maintain at least 90. The main concern of 2021 was the rise of large supply chain disruptions in the aftermath of the global lockdowns. Last year, we expected normalisation to happen around the summertime of 2022. . Energy in 2022: transition time. As part of our industry outlook for 2022, EIU has taken a look at the growth prospects, top risks and key trends facing the energy sector next year. Global energy consumption will rise by 2.2% in 2022 as economies recover from the impact of the pandemic. All types of energy, apart from nuclear power, will benefit. The chart below shows the evolution of electricity production by source in the EU between 2016 and 2021. Natural gas (+120 TWh) has replaced coal and lignite (-170 TWh) while wind power has increased by 100 TWh. But nuclear and hydro energy have remained constant. So far, natural gas is the main winner of the green transition introduced by the EU.