Refineries around the world begin to suspend due to reduced demand

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.