Singapore refineries starting to cut output amid pandemic pains
Production runs are down 25% from pre-Covid-19 levels; more pain could come, but demand is improving, crude supply easing
Singapore
REFINERIES in Singapore have started to cut output and bring forward maintenance shutdowns amid plunging demand as the world remains mired in the Covid-19 pandemic and volatility grips the oil market.
Harrison Cheng, associate director at Control Risks noted that one major refinery brought forward maintenance plans by a month from May to April, reportedly because of declining product margins. Another which supplies aviation fuel to several international airports and airlines across Asia has reportedly reduced its operating rate due to poor refining margins.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data