Where next for Oil Refiners?

With the majority of countries in ‘lockdown’ due to the Covid-19 pandemic, the oil refining industry that fuels major forms of transport is under severe pressure. With limited storage capacity for feedstocks, intermediates and products and ‘demand destruction’ severe due to limited aviation and road transport, many oil refiners are having to reduce throughputs and in some cases ‘idle’ or shutdown refineries altogether. Analysis of the actions of oil companies, large and small, during this crisis, gives insights into potential shutdowns, divestments, mergers and acquisitions going forward.