Typically, refiners profit in a very simple way: they buy crude oil, process it into fuels and plastics feedstocks, and sell these for a higher price. Cheap oil is normally the best scenario for refiners. That is, as long as there is a demand for their refined products. This has not been the case during the current crisis, and now refiners around the world are struggling to survive. Those that survive will be the ones that adapt the fastest to the harsh reality that their biggest business--converting oil into fuels--is not making any money as demand falters. #CrudeOil#