Such a move, according to industry press, may lead to a cut in oil demand for a region that accounts for a third of the world’s petroleum consumption.

The report stated that the shutdowns will affect around two million barrels a day, which amounts to around 10% of the region’s total oil-refining capacity. The closures could last as long as six weeks.

Bloomberg also revealed that outages in both Japan and South Korea would be double last year’s averages due to the fact that refiners in both countries having delayed maintenance as long as feasible as a result of taking advantage of the six-year highs in refining margins.