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COVID-19 - News digest as of 09.04.2021

April 09/2021

1. Russia sees pandemic impact on crude oil demand to last until 2023-2024

MOSCOW (MRC) -- Russia expects the fallout from the COVID-19 pandemic on the global consumption of oil and oil products may last until 2023-2024, a draft government document, seen by Reuters, showed. The global oil and liquid fuels production dropped in 2020 to 94.25 million barrels per day (bpd) from 100.61 million bpd in 2019, amid the pandemic, which led to lockdowns, halting 80% of air traffic and a quarter of road traffic at its peak and denting fuel consumption. The Organization of the Petroleum Exporting Countries expects oil demand to grow by 5.6 million barrels per day this year under its base case scenario. Russian Deputy Energy Minister Alexander Novak has also projected similar growth.

2. Repsol to lay off about 830 workers at two refineries in Spain

MOSCOW (MRC) -- Spanish energy firm Repsol said it will furlough up to 830 workers at its A Coruna and Puertollano refineries in Spain as pandemic restrictions have led to an "unprecedented" slump in demand for fuels, reported Reuters. "It is a sustained situation that has kept fuel consumption for transport much lower than expected," Repsol said in a statement. In Q1 2021, the profit Repsol makes on refining products that come into its refineries in Spain decreased to USD0.2 per barrel from USD4.7 in the first three months of 2020, its trading statement released on Thursday showed.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Repsol, COVID-19, Spain, Russia.
Category:General News
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