Oil refiners worldwide struggle with weak demand, inventory glut

NEW YORK (CNA) – Global oil refiners reeling from months of lacklustre demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35 per cent in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. More details in Tuesday’s Borneo Bulletin.