State-owned Indian Oil Corp. (IOC) stated that it cut its refineries’ crude processing capacity by 23-30% due to the crash of local refined fuel demand following the complete lockdown to limit the spread of coronavirus.
Previously, India has imposed a nation-wide lockdown for 21 days starting on Wednesday with only essential commodities allowed to be supplied. Reacting to the news, several industries closed operations while several ports declared force majeure.
IOC controlled a third of the country’s 5 million bpd refining capacity.
