A Bloomberg report, which was based on the International Energy Agency, expected that China would remove the United States from the forefront of the global oil refining market, with the opening of new refineries.
As evidence of this, the agency indicated that refineries belonging to companies such as “Royal Deutsche” and “Shell” are closed in the US state of Louisiana, while China intends to launch 4 new refineries with a production capacity of 1.2 million barrels per day.
For comparison, the production capacity of the four plants (1.2 million barrels per day) is equivalent to the capacity of oil refining in Britain.
The decline in global demand for fuel in the world due to the Coronavirus epidemic, which affected oil production and refining, which decreased by 1.7 million barrels per day. More than half of this decrease came on American factories.
This comes at a time of increasing demand for oil and plastic in China and other Asian countries, unlike the United States and Europe, as the two regions face a deep economic crisis.