Global prices of crude oil further nosedived on Monday after Russia and Saudi Arabia delayed a critical meet to discuss over implementing a cut in oil production in order to alleviate oversupply in global market. After the last OPEC meet, the two oil producing giants have aggravated their rifts by indulging in a blame game over the fault in crude crises. Hence, pushing the scheduled date of discussion to Thursday that is 9 April. With ongoing crude production, Brent crude further fell to $30.03 a barrel on 02:03 GMT, down by $1.29.
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Moreover, West Tax Intermediate Crude settled at $26.68 a barrel, with a dip by $1.66. As per analysts, the present situation is critical enough with plummeting demand amid Coronavirus crises and crashing economies. If countries continued to flood the market with crude by overlooking their rifts, there will be no hope left for bouncing back and stabilizing the ground.
International Plant Shutdown News
- Molindo Raya to Curtail Bioethanol Production Due to Shortage in Raw Material Availability
Indonesia’s Molindo Raya bioethanol plant is equipped with a production capacity of 80000 kilolitres of fuel grade ethanol every year. However, the company is struggling to keep up with the production due to shortage of feedstock sugarcane in the country. Hence the company has curtailed the production in its bioethanol plant owing to the limited availability of raw material. Although the government is looking forward for an effective solution in balance with the economic feasibility.
- Yokohama Temporarily Shuts Production at Tire Plant in Salem Amid Pandemic Concerns
Yokohama, a downstream elastomer industry in Santa Ana, North America engaged in the manufacturing of tires has announced temporary shut in operation at its plant in Salem. The company undertook this shutdown on 5 April which is anticipated to last for a minimum of two weeks. Purpose behind this shut down is the health and safety of its employees against novel Coronavirus. As of now, the company has rich in-built inventory to serve the existing orders and for any sudden pickup in demand.
- Caltex to Undergo Refinery Shutdown Due to Plummeting Oil Demand
Australia’s oil producing giant Caltex announced the temporary turnaround of its refinery in Brisbane for maintenance in May. Earlier, the maintenance turnaround was scheduled in July but due to hard hit demand by Coronavirus the company has decided to preschedule the turnaround. According to authorities, the refinery will not be operational until demand crises improve, and market is stabilized.
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