Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Refineries around the world begin to suspend due to reduced demand


March, 30 2020
watermark Economic news

Oil refineries around the world have begun to suspend production or reduce refining volumes, as fuel demand has come under serious pressure from the coronavirus pandemic.


According to Reuters, global demand for fuel will decrease by 15-20% in the next quarter, mainly due to the cessation of most air travel around the world.


On Friday, it became known about the shutdown of refineries in India and Italy. Factories in other countries are taking the necessary measures to reduce refining volumes, including in the USA, Great Britain and Germany.


A decrease in the demand for petroleum products is parallel to a drop in demand for raw materials themselves. According to the head of the International Energy Agency (IEA), global demand for oil due to coronavirus could fall by 20 million barrels per day, and oil storage could soon be full.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.