China: Refineries reduce oil processing

Faced with the impact of coronavirus, refineries in China reduced the amount of oil transformed into Fuels. Sources reported that state and private enterprises limited the refining rate at least 2 million barrels per day in the last week.

Due to economic tension, cutting can increase even more in the coming weeks. The throughput may also fall further with the continued fall in demand for aviation and transport fuels, since entire cities remain blocked and travel is restricted.

The reduction in oil refining in the world’s largest importer affects energy markets around the world, causing the fall in Prices. With this, OPEC and allies assess even deeper cuts in the Production.

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