One third of refinery capacity has shut down as a result of depressed demand caused by the Covid-19 pandemic, but bunker availability will stay high and prices low, analysts have predicted.
This month, global refinery capacity utilisation is at about 63%. That is at least 20% above normal levels for this time of year, as plants are unable to sell or store production, IHS Markit director of refining and marketing Hedi Grati said in a web conference.
