(Bloomberg) — Asian refiners may have hit a brick wall in their recovery from the virus-driven slump with the rebound in fuel demand not big enough to clear a massive glut built up over the last few months. Processors are unlikely to increase operating rates much further until the surplus is cleared and margins improve, with an Indian refinery executive predicting profits from turning crude into fuels such as gasoline will remain weak for another six months. Recent oil price hikes by producers such as Saudi Arabia is adding to the pressure on refiners, many of whom have few options to secure alternative crude supplies.
