Refineries cut runs by 20% in April and May, States Downstream CEO
LONDON, August 20, 2020 - The pandemic had severe impacts on refining as it not only slashed fuel demand but also set the ground for bigger threats. Similarly, petrochemical companies had to cut running rates or idle plants to adapt to new demand profiles.
In the Reuters Events Impact of Covid-19 & Oil Price Crash: Downstream Executive Perspectives whitepaper Joseph Israel, CEO of Par Petroleum LLC confirms that Covid-19 led U.S refineries to “cut runs by an average to 20-25%, or approximately 3.5 million barrels per day, in April and in May”.
When discussing the road to recovery, Taylor Auburg, VP Projects, Freeport LNG concludes “stability is something we haven’t seen over the last several years… that’s the constant in our industry, change.”
The full report contains insights from across the Petrochemical, Chemical, Refining and LNG value chains which measures –
- The impact of the Pandemic & Oil Price Crash on the Downstream Industry
- What does this mean for Global Supply Chains, Sustainability and Digitalisation
Key contributors to the report include –
Joseph Israel, CEO of Par Petroleum LLC
Alan Gelder, VP, Refining, Chemicals and Oil Market, Wood Mackenzie
Andreas Kicherer, Director, Corporate Sustainability, BASF
Taylor Auburg, VP, Projects, Freeport LNG
The Reuters Events Future of the Downstream Industry: Executive Perspectives is being launched in the run-up to the Downstream Leadership Forum 2020, which takes place on November 19 and 20, 2020, online. For a copy of the report click here and for more information about DLF2020 visit the website here or write to Bridget Robinson at [email protected]