Look back,look ahead

摘要

The coronavirus pandemic has had a devastating impact on the global oil industry,eliminating 25% of fuel consumption in the US and 30% across the globe while forcing many refineries to cut overall processing.EIA data indicate that,once large portions of the US entered lockdowns,oil demand fell by nearly 7.7MM b/d(36%)from the week ending March 13 through the week ending April 3 before recovering somewhat in the following two weeks.In the week ending April 17,US oil refineries only processed 12.456MM b/d of crude;excluding hurricane-ielated closures,that figure represents the lowest throughput in about three decades.In Europe and Asia,many plants have been running at half capacity.