Sunday, February 28African Business News
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Tag: Automotive Gas Oil (AGO)

High inventories weigh on oil markets, refiners as demand weakens

High inventories weigh on oil markets, refiners as demand weakens

Oil & Gas
The slow pace of global oil demand recovery has stalled in recent weeks of weak refining margins, lack of recovery in jet fuel demand, and uncertainties over global economic growth, including the world’s top oil importer, China, the International Energy Agency (IEA), has warned. Indeed, while most of the market’s attention has been focused on how fast gasoline demand will recover, lower economic and manufacturing activity in all regions of the world has led to oversupply in distillates, including diesel, gasoil, and jet fuel. Faced with an unprecedented crash in jet fuel demand amid the pandemic, refiners have geared toward making more of the other distillate fuels, whose stocks have risen to levels not seen in decades. The glut in diesel and other middle distillates has becom...