According to GlobalData, China, one of the largest consumers of transportation fuel globally, had a lot at stake when it became the ground zero for coronavirus (Covid-19) and subsequently announced countrywide lockdown to arrest the spread.
This resulted in sharp decline in the domestic fuel demand, forcing some of the state-owned refiners to make deep production cuts. However, China appears to have passed the lowest point of the impact caused by Covid-19.
The fuel demand and crude runs have gradually begun to shore up in the country, demonstrating signs of business activity slowly returning to normalcy, said the data and analytics company.
Haseeb Ahmed, Oil and Gas Analyst at GlobalData, commented, “China Petrochemical Corp (Sinopec), the world’s largest refiner by capacity, proposed production cuts in response to the drop in fuel demand.”
... to continue reading you must be subscribed
