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Global refiners consider crude oil cuts as coronavirus destroys fuel demand

Worldwide, refineries are slowing output and contemplating extensive maintenance due to travel restrictions put in place in response to the coronavirus pandemic

Topics
Coronavirus | Fuel prices

Reuters  |  NEW YORK/LONDON/SINGAPORE 

Falling prices for crude oil are usually a good thing for global refiners - except when nobody is driving. Worldwide, refineries are slowing output and contemplating extensive maintenance due to travel restrictions put in place in response to the coronavirus pandemic. Gasoline demand in the United States, the world's largest oil consumer, is plunging. International flights are being grounded worldwide, slamming jet fuel demand. Margins for producing transportation fuels turned negative in Europe and Asia, and briefly did the same in the United States, in a rapid response to ...

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First Published: Wed, March 18 2020. 10:29 IST
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