NZ not immune to global oil glut

Wed, 22 Apr 2020

Reduced fuel imports by Z Energy and slashed production at the Marsden Point oil refinery are local examples of the “total supply disconnection” underway in global fuel markets, a leading energy analyst says. The world’s oil supply network had proved incredibly resilient to supply shocks but was never designed to cope with the demand shock caused by the shutdown of much of the world’s economy due to covid-19, Enerlytica director John Kidd said. Unlike during the global financial crisis and previous recessions, the drop in fuel demand had...

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