¬†Global refinery crude intake is recovering but it lags behind the demand increase due to high inventories, the International Energy Agency said Aug. 13.¬† In the second quarter, global refining throughput fell 11.5 million b/d year on year to 69.5 million b/d “the lowest quarterly level in 17 years.” However runs returned to monthly growth in June, “putting the global refining industry on a recovery track, which is expected to be a long and arduous journey,” the IEA said. The pace of demand and refining rebound in China was “one of the unexpected developments” in Q2, as coronavirus lockdowns were lifted, the agency said in its latest report. It expects China to fully offset the Q1 declines by August and for the whole 2020 to be “the only country registering any significant year-on-year growth.” The […]