{"id":348007,"date":"2020-04-24T11:43:23","date_gmt":"2020-04-24T06:13:23","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=348007"},"modified":"2020-04-24T11:43:23","modified_gmt":"2020-04-24T06:13:23","slug":"lockdown-impact-oil-refiners-stare-at-%e2%82%b925000-crore-loss-in-inventories-fall-in-margins","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/lockdown-impact-oil-refiners-stare-at-%e2%82%b925000-crore-loss-in-inventories-fall-in-margins\/","title":{"rendered":"Lockdown impact: Oil refiners stare at \u20b925,000 crore loss in inventories, fall in margins"},"content":{"rendered":"<p>The coronavirus pandemic has dealt a twin blow to India\u2019s oil refiners with a \u20b925,000 crore inventory loss in the March quarter, and a likely plunge in the June quarter refining margins due to demand destruction, Crisil Ratings said.<\/p>\n<p>Crude prices nosedived from an average $55 per barrel in February to $33 in March, and closed at around $20 by March-end, as lockdowns across the world sapped fuel demand.<\/p>\n<p>A 12 April decision by The Organization of the Petroleum Exporting Countries (Opec) to cut crude by a record 9.7 million barrels a day has failed to lift prices as the pandemic has depressed demand across the globe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The coronavirus pandemic has dealt a twin blow to India\u2019s oil refiners with a \u20b925,000 crore inventory loss in the March quarter, and a likely plunge in the June quarter refining margins due to demand destruction, Crisil Ratings said. Crude prices nosedived from an average $55 per barrel in February to $33 in March, and closed at around $20 by March-end, as lockdowns across the world sapped fuel demand. A 12 April decision by The Organization of the Petroleum Exporting Countries (Opec) to cut crude by a record 9.7 million barrels a day has failed to lift prices as the [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-348007","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/348007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=348007"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/348007\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=348007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=348007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=348007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}