Global oil refiners to deepen output cuts as virus destroys demand

SINGAPORE/NEW DELHI/SEOUL (Reuters) – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus. In Asia, home to over a third of the global refining capacity, India’s top refiner has slashed output by up to 25%-30% while operators in Japan, South Korea and Thailand – already running at reduced rates – are looking at more cuts even as they shut plants for maintenance. China, which restarted its economy after weeks of lockdown, is an outlier …read more

Source:: Yahoo Finance