Japanese refiner Cosmo Oil Co revealed that it has reduced crude oil refining volume plans for November and December, by an additional 3.5 percent.
Confirming the news to Fibre2fashion, Company sources said that the move was taken due to overall global recession, which has squeezed the demand for raw-materials.
Japan is the world's third biggest oil product consumer, but in this economic crunch the demand in domestic market is diminishing.
It has been reported that several major players in this field have already cut down production and many others are seriously considering the move.
Fibre2fashion, News Desk - India
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