As the coronavirus continues to take a toll on oil markets, competition is heating up for crude oil suppliers—all of which are vying for a piece of the dwindling oil demand in China and Japan as refineries there cut their run rates. Crude oil suppliers are now slashing prices for certain grades of crude oil, according to refinery officials and trading managers who spoke to S&P Global Platts . The difference in some cases are multiple dollars per barrel for April loadings compared to March loadings. China’s Mega Refiners Make Drastic Cuts Thousands of flights have been cut into and out of China, and travel within certain areas of the country have also been restricted. As a result of these restrictions and on reduced industrial throughput, fuel demand from the otherwise oil-thirsty nation continues to sink. As China’s demand for fuel wanes, refiners are faced with a grim reality—it […]