Global oil demand, driven by China and India, has grown strongly in recent years. Global economic slowdown and trade disputes, however, are creating uncertainty about future growth prospects for the refining industry. There is concern that increasingly stringent policies aimed at decarbonization and local air quality will affect the downstream oil business. Further technological advancements and disruptions in mobility are creating concerns that a peak in oil demand may lead to stranded assets. What strategies should refineries adopt to manage uncertain business environment? What is the future viability of integrated facilities? What are the opportunities and risks in India for investment in integrated facilities?