Winners and losers of oil rate drop

The domestic market is following international developments in the oil industry in awe as rates plummet, with projections for the coming weeks remaining uncertain as analysts await June futures to obtain a clearer picture.

Energy Ministry sources describe international conditions in the oil markets as "a very worrying development," adding that the ministry is in contact with the local market to tackle the consequences. The scheduled surveying in the Greek blocks conceded will proceed, the sources stress, while output at Prinos, in northern Greece, which is just about being sustained, will likely fail to continue if rates decline any further.

For companies in the fuel sector - in refining, trading and retailing - which have suffered a major blow from the slump in demand after the lockdown started in early March, the low oil rates are further squeezing their profit...