The International Energy Agency Thursday revised down its outlook for global refinery runs due to the coronavirus outbreak. Global runs are expected to expand “by just” 700,000 b/d in 2020 to 82.7 million b/d as a result of contracting Chinese crude throughputs. Total 2020 refinery throughput has been revised down by 600,000 b/d, “following a demand downgrade due to the impact of the novel coronavirus (Covid-19).” China’s refineries throughputs for the first quarter have been cut by 1.1 million b/d to 12.2 million b/d and are now expected to contract by 500,000 b/d year on year, the IEA said in its latest monthly report. Global runs in Q1 are also expected to fall 1 million b/d to 80.9 million b/d, making it the “fourth consecutive quarter of sizeable year-on-year declines.” The agency however expects “a […]