Commodity trade major Vitol reported a drop in its 2020 revenue to $140 billion from $225 billion a year earlier as the pandemic plunged its traded oil volumes sharply lower.

Global oil demand will continue growing for another decade but near-term consumption of jet fuel to pre-2019 levels will take “some time”, Vitol, the world’s biggest independent oil trader.

Oil rebounded as the chances of a breakthrough in talks to revive an Iranian nuclear accord were seen by analysts as slim, reducing the odds that crude flows from the country would pick up further.

European refineries have been looking to increase runs as they see better prospects for 2021, but conditions remain poor for the moment.

Indian State refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said.

BP is on track to reach its net debt goal reduction to $35 billion ahead of schedule, the company said in a statement.

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said.

China’s dependence on LPG imports fell to around 30% of total consumption in 2020 from 32% in both 2019 and 2018, but its increasing domestic LPG production is being largely absorbed by households, refineries and inland petrochemical plants, while propane dehydrogenation units and coastal petrochemical plants continue to rely on imports, especially from the US.

A rally in global stocks paused near a record Tuesday as concern China is curtailing loan growth curbed optimism stoked by the U.S. economic rebound.