The oil refining production could start to grow across the globe in June 2020; however, the refining margin could stay trimmed – Says IEA citing the fact that refiners across the globe have curtailed the production much faster than anticipated.
The IEA anticipates that global refining margin would remain in check due to the rise in crude oil prices ahead.
In its monthly report, IEA mentioned that if the supply adjusts rapidly as compared to the oversupply forecast, it could support the crude oil price.
In the status quo, OPEC+ are also suggesting increasing the production cut period.
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