Global refining outages have surpassed 14 million b/d and are expected to get worse as coronavirus lockdowns sideline up to 25% of global oil demand and storage tanks fill to capacity.
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April and May will likely see the worst of the demand impact, with declines expected to be around 16 million b/d, according to S&P Global Platts Analytics. Other forecasters predict a more acute demand collapse of more than 25 million b/d. Jet and gasoline have been the most negatively affected fuels and refiners have responded by shifting yields to maximize diesel production.
The following is a snapshot of where the biggest refining run cuts are being felt.