BusinessDay
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Oil crash piles pressure on bloated refining sector

Overcapacity leaves operators facing dwindling profits, particularly in Europe

Oil refineries are struggling as the worst demand-crash in decades cascades through the industry, leaving plants around the world at risk of closure. Demand for fuel remains depressed and stockpiles are bulging, while the crude refiners’ process has become more expensive following deep Opec-led supply cuts. That is squeezing margins for the plants, which convert…



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