London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

COVID-19 - News digest as of 22.09.2020

September 22/2020

1. Oil refiners worldwide struggle with weak demand, inventory glut

MOSCOW (MRC) - Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers, and industry analysts, Reuters. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. But in top fuel consumers the United States and elsewhere, refiners have been decreasing rates for the last several weeks in response to increased inventories, a sustained lack of demand, and in response to natural disasters.

http://www.mrcplast.com/news-news_open-376698.html

2. Shell launches major cost-cutting drive to prepare for energy transition

MOSCOW (MRC) -- Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, reported Reuters. Shells new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a USD4 billion target set in the wake of the COVID-19 crisis. Reducing costs is vital for Shells plans to move into the power sector and renewables where margins are relatively low. Competition is also likely to intensify with utilities and rival oil firms including BP and Total all battling for market share as economies around the world go green.

http://www.mrcplast.com/news-news_open-376701.html


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Shell, COVID-19.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe