Japanese refner Cosmo Oil’s general manager for crude and tankers Mitsuyasu Kawaguchi speaks to Argus’ Rieko Suda about how refners coped with a turbulent 2020, and what to expect in the years ahead. What was the impact of Covid-19 on the global economy and oil market? The Covid-19 pandemic had an unprecedented impact as it caused market turmoil by wiping of an estimated 30mn b/d of global oil demand during the April peak. But the turmoil abated in an unexpectedly short period, within the April-June quarter, as Opec and Opec+ responded by addressing the oversupply caused by the pandemic. It caused much bigger confusion in the products market compared with crude, where we directly faced market pressure.
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