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|Event||MarCon*||IIR Comment||IIR Links||Outlet|
|Saudi Arabia struggling to find buyers||U.S., India, & Polish Refiners; Finland’s Neste and Unipec (the trading arm of Asia’s largest refiner, Sinopec), all have plans to not take as much Saudi crude, as global demand is forecasted to fall 20% in the coming months. What market share would Saudi Arabia’s increased production take?||March 27 COVID-19 Impact Report||Reuters|
|Global crude and product storage filling rapidly regardless of increase in storage cost||Demand destruction continues to force barrels of crude & products into storage throughout the world despite a 50% to 100% increase in lease costs, with some reports suggesting U.S. storage could be full by May/June.||Crude Oil Storage Nears Peak, an Industrial Info Market Brief||Reuters|
|OPEC discusses output cuts with U.S.||OPEC in talks with the Texas Railroad Commission to try and make supply production cuts with the U.S. following the oil-price crash caused by the Russia-OPEC disagreement. Analysts say $30/barrel prices will cause a sharp contraction in U.S. supply as well as cause bankruptcies for shale-dependent companies.||Oil Market: Where is the Bottom?||Financial Times|
|China struggling to restart amid global recession||The shutdown of normal economic activity in the U.S. and Europe is leading to canceled orders for China’s factories. What will this imply moving forward?||March 30 COVID-19 Impact Report: Outages, Derates, Shutdowns and More||Reuters|
|Corporate debt in Asia threatened by coronavirus impact||Low interest rates have encouraged companies to take on massive debts in Asia that have now amassed to $32 trillion. With the extensive impact of the coronavirus, many markets are expected to have numerous bankruptcies.||Which Projects Have Been Delayed by COVID-19? Industrial Info Has the Answers||Financial Times|
|Weekly Recap: 03/25-04/01||Ah, the insanity... Well, the glimmer of hope might not be China restarting -- as struggles abound there; but rather Saudi Arabia not being able to take market share and having to revisit its strategy of flooding the world markets -- which are embroiled in rampant demand destruction -- with crude.|
|*MarCon (Market Condition 1-5) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.|