Several refneries in Europe have reduced production because of a signifcant drop in fuel demand and high stocks arising from eforts to stop the spread of the Covid-19 pandemic. At least fve refneries in Germany have cut runs because of low demand, and a further two have said they will do likewise if demand remains weak. Many buyers in the domestic whole- sale market have negotiated down their term volumes for April because of a 30-50pc loss of demand at retail stations in late March.
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