With demand declining, oil refineries around the world are shutting down — some permanently

Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses.

The pandemic initially cut global fuel demand 30 per cent and refiners temporarily idled plants. But consumption has not returned to pre-pandemic levels and lower travel may be here to stay, leading to tough decisions for permanent shutdowns.

With files from Reuters

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