Refining operations in Europe and elsewhere in the world are being curtailed as gasoline and jet fuel demand is falling off a cliff due to the enormous demand destruction in the spreading coronavirus pandemic. In Europe, oil majors are shutting down refinery units as major economies are under lockdown and flights are severely restricted, Reuters reported on Friday, quoting sources and industry data provider Genscape. “Horrendous margins and even worse physical markets,” a source familiar with the operations of INEOS’s refinery in Grangemouth in the UK told Reuters. Earlier this week, INEOS shut down the 35,000 barrels per day crude unit at the refinery, according to Genscape data cited by Reuters. BP, for its part, is said to have shut the 70,000-bpd crude processing unit at its refinery in Gelsenkirchen in Germany. In France, Total is delaying the restart of a 102,000 bpd refinery close to Paris after a […]