The Chevron Pascagoula Refinery in Mississippi. In the United States, the refining margin is hovering around US$9 a barrel, near its lowest levels in April. – REUTERSPIXGlobal 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.
"The impacts of Covid-19 ... are putting extreme pressures on the refining business that we have not experienced before and are not sustainable over the longer term," Scott Wyatt, chief executive at Australian fuel supplier Viva Energy Group Ltd, said earlier this month. "From our perspective, we see that pre-Covid demand will probably not be back until 2023," said Molly Morris, senior vice president in crude, products and liquids at Equinor.
Average utilization rates at Chinese state-owned refineries were at around 78.6% by end-August, down around 3.6 percentage points from July, data compiled by China-based Longzhong consultancy showed.
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