Global oil refiners to deepen output cuts | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN – News of Bahrain- DT News

Global oil refiners to deepen output cuts | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN – News of Bahrain- DT News

Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.. Global fuel demand is set to drop by as much as 15 per cent to 20pc in the second quarter as a result of the coronavirus pandemic, which has killed more than 22,000 people, shut most worldwide air travel and has numerous countries imposing lockdowns keeping people at home and out of their cars.. India's Reliance Industries, operator of the world's largest refining complex, has made a rare move to sell prompt crude as it plans to cut output in April.. ExxonMobil's French subsidiary said on Friday it would adapt production at its two refineries in the country to falling demand.. Independent refiner Phillips 66 said its first-quarter refinery utilisation rate was in the lowto-mid-80s range, with many of their refineries operating near minimum rates.. Global oil demand will likely slump 18.7 million barrels per day (bpd) in April, versus a 10.5 million bpd drop in March, Goldman Sachs analysts said.. Japan is also considering more cuts after run rates fell nearly 7% for the first 12