he first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns. Italy’s API said it would close operations temporarily at its Ancona refinery, which has capacity of 85,000 barrels per day (bpd). In India, top refiners Indian Oil Corp ( IOC.NS ) and Mangalore Refinery and Petrochemicals ( MRPL.NS ) declared force majeure, with MRPL in the process of shutting down its entire plant. Global fuel demand is set to drop by as much as 15% to 20% in the second quarter after the coronavirus pandemic, which has killed more than 22,000 people, halted most worldwide air travel and prompted […]