OTCPK:GNOLF - Post by User
Post by
UpPeriscopeon Apr 26, 2020 1:09pm
104 Views
Post# 30954930
In characteristic visionary fashion, Davey
In characteristic visionary fashion, Davey was light years ahead of the game in shutting down the Two Hills refining facility. Everyone's following suit:
"But before that takes hold, the great shutdown will spread through oil refining too. Over the past week, Marathon Petroleum Corp., one of the biggest U.S. refiners, announced it would stop production at a plant near San Francisco. Royal Dutch Shell Plc has idled several units in three U.S. refineries in Alabama and Louisiana. And across Europe and Asia, many refineries are running at half rate. U.S. oil refiners processed just 12.45 million barrels a day on the week to April 17, the lowest amount in at least 30 years, except for hurricane-related closures.
More refinery shutdowns are coming, oil traders and consultants said, particularly in the U.S. where lockdowns started later than in Europe and demand is still contracting. Steve Sawyer, director of refining at Facts Global Energy, said that global refineries could halt as much as 25% of total capacity in May."
Full article:
https://www.google.com/amp/s/www.bloombergquint.com/amp/markets/the-next-chapter-of-the-oil-crisis-the-industry-shuts-down