2020-08-21 11:05:00
REFINERIES CUT RUNS BY 20%
Refineries cut runs by 20% in April and May, States Downstream CEO
LONDON, August 20, 2020 - The pandemic had severe impacts on refining as it not only slashed fuel demand but also set the ground for bigger threats. Similarly, petrochemical companies had to cut running rates or idle plants to adapt to new demand profiles.
In Reuters Events Future of the Downstream Industry: Executive Perspectives Joseph Israel, CEO of Par Petroleum LLC confirms that Covid-19 led U.S refineries to “cut runs by an average to 20-25%, or approximately 3.5 million barrels per day, in April and in May”.
When discussing the road to recovery, Taylor Auburg, VP Projects, Freeport LNG concludes “stability is something we haven’t seen over the last several years… that’s the constant in our industry, change.”
The full report contains insights from across the Petrochemical, Chemical, Refining and LNG value chains which measures –
• The impact of the Pandemic & Oil Price Crash on the Downstream Industry
• What does this mean for Global Supply Chains, Sustainability and Digitalisation
Key contributors to the report include –
• Joseph Israel, CEO of Par Petroleum LLC
• Alan Gelder, VP, Refining, Chemicals and Oil Market, Wood Mackenzie
• Andreas Kicherer, Director, Corporate Sustainability, BASF
• Taylor Auburg, VP, Projects, Freeport LNG
The Reuters Events Future of the Downstream Industry: Executive Perspectives is being launched in the run-up to the Downstream Leadership Forum 2020, which takes place on November 19 and 20, 2020, online. For a copy of the report click here and for more information about DLF2020 visit the website here or write to sasha.marks@thomsonreuters.com.
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Earlier:
2020, August, 20, 14:20:00
OIL DEMAND 97%
it is estimated that the world will reach about 97% of pre-pandemic oil demand during the fourth quarter
2020, August, 13, 13:45:00
OIL DEMAND WILL UP BY 7 MBD
For 2021, world oil demand growth is forecast to rise by 7.0 mb/d,
2020, August, 13, 13:40:00
OIL PRICES 2020-21: $43-$50
monthly Brent spot prices will average $43/b during the second half of 2020 and rise to an average of $50/b in 2021.
2020, August, 10, 11:25:00
OIL, GAS M&A
The top country in terms of M&A deals activity in Q2 2020 was the US with 83 deals, followed by China with 33 and Canada with 21.
2020, July, 31, 10:00:00
IRAQ'S REFINERY $4 BLN
Iraq's Council of Ministers has approved a contract with Japan's JGC Corporation to build a 55,000-bpd refinery in Basra province.
2020, July, 30, 12:20:00
U.S. ENERGY CONSUMPTION DOWN
the United States consumed 6.5 quadrillion British thermal units of energy in April 2020,
2020, July, 27, 16:15:00
U.S. ENERGY CONVERSION LOSS
U.S. utility-scale generation facilities consumed 38 quadrillion British thermal units (quads) of energy to provide 14 quads of electricity.
