Cosmo Oil Co. cut a total of 80,000 barrels per day of capacity at four oil refineries on Tuesday because of falling demand for oil.
The reduction is equivalent to around 13 percent of the plants’ combined capacity, the company said Monday.
Cosmo will carry out cuts of 20,000, 50,000 and 30,000 barrels per day, respectively, at its plants in Chiba, Mie and Kagawa prefectures, while raising capacity at a plant in Osaka by 20,000 barrels following a recent bolstering of facilities there.
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