This week, Chevron Corp. informed its employees that it will be axing jobs at its refining business and is also looking to exit some markets altogether, a move which has capped a series of similar developments at other major oil producers and refiners. The move has mainly been a result of the worldwide struggle being faced by the gasoline-production sector.

Refiners across North America and Europe are currently busy racking up losses and are unsuccessfully trying to sell off plants. An abundance of refining capacity, sharp fall in demand and major regulatory changes have all come together to negatively affect both short and long-term outlook for the business.

Chevron is also indulging in major restructuring, which will result in a yet known number of job cuts. More details, as confirmed by the company, will be provided in March, and the move will be completed by the year's third-quarter.

What markets the company is looking to exit is also not known yet.

"A streamlining of the refining division will keep the company competitive well into the future", said Chevron spokesman Lloyd Avram.