European oil refineries will have to adapt to the energy transition or face a heightened risk of closure by 2035, according to a panel of executives at the Financial Times Commodities Global Summit. Refineries must confront a drop in demand for road fuels as electrification and energy transition legislation transform energy markets. Refineries that are unable to convert to carbon capture or biorefining will be at risk of closure. European refiners' profitability has also come under pressure from newer, more modernized refineries in Africa and the Middle East.