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Indian refiners get rare oil cheap as Coronavirus chokes demand in China

Indian refiners get rare oil cheap as Coronavirus chokes demand in China

Tuesday, February 25, 2020, 7:54 AM

Indian refining companies are snapping up rare crude grades as the coronavirus outbreak curtails China's demand for processing, executives and traders said, with prices for some grades falling by as much as 15%. Chinese refiners have slashed output by at least 1.5 million barrels a day in February, or over 10%, after the virus outbreak hit domestic fuel demand, leading to swelling stocks.
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