BLOOMBERG | Who needs a loss-making, inflexible oil refinery in a world where demand for petroleum has been obliterated? We’re about to find out.
When consumption of transport fuels collapsed this year because of coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s margins for a while, a combination of rising crude costs and still-weak end-user demand are starting to bite.
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