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Refineries around the world begin to suspend due to reduced demand


Marec, 30 2020
watermark Economic news

Oil refineries around the world have begun to suspend production or reduce refining volumes, as fuel demand has come under serious pressure from the coronavirus pandemic.


According to Reuters, global demand for fuel will decrease by 15-20% in the next quarter, mainly due to the cessation of most air travel around the world.


On Friday, it became known about the shutdown of refineries in India and Italy. Factories in other countries are taking the necessary measures to reduce refining volumes, including in the USA, Great Britain and Germany.


A decrease in the demand for petroleum products is parallel to a drop in demand for raw materials themselves. According to the head of the International Energy Agency (IEA), global demand for oil due to coronavirus could fall by 20 million barrels per day, and oil storage could soon be full.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.