Asia oil refiners cut back as margins fall to decade lows

Major oil refiners in Japan and South Korea have curbed operations this week in an effort to revive deeply negative simple margins by limiting fuel output, industry and company sources said yesterday.

The cuts, the first broad reductions since a brief spate of curbs last November, may help boost prices of petrol and other fuels, but could do little to rescue the ailing Asian market for fuel oil, the price of which has slumped to about US$20 (US$1 = RM3.65) a barrel below the Middle East benchmark crude price, the widest gap ever.
Business Times