Oil is the most important commodity in the world, but it is useless without refineries that turn it into products that people use constantly — gasoline, diesel, aviation fuel and petroleum products for plastics. And world refining industry today is experiencing unprecedented difficulties, Finanz reports with reference to Bloomberg. Earlier, the head of a leading European downstream oil group Total SA Patrick Pouyanne said that the refining margin is a complete disaster. What is happening in the industry at this stage will have implications for the oil and gas sector. It is noted that the processing plants raw materials the cost of several billion dollars, employing thousands of people, and the coming wave of closings and bankruptcies. “In our view, we are entering the “era of consolidation” for the petroleum industry” — says Nikhil Bhandari, an analyst with Goldman Sachs Inc. for refining. Record production cuts, which are Saudi Arabia, Russia and other members of the Alliance OPEC+ agreed in April contributed to the rise in oil prices, with benchmark Brent has risen from $16 to $42 per barrel just a few months. However, the demand is still in decline, and the price of gasoline and other petroleum products has not recovered as much, causing damage to refineries. According to industry estimates, the consulting company Wood Mackenzie Ltd., analyzed 550 refineries worldwide, the total profit of the refining industry will be reduced to just $40 billion this year with $130 billion in 2018.
Stories about how you tried to get help from the Russian state in terms of coronaries and what came of it, email it to COVIDemail@example.com