Crude Oil Storage Nears Peak, an Industrial Info Market Brief
Crude Oil Storage Nears Peak, an Industrial Info Market Brief
Crude oil supplies are about to test the global storage capacity. Falling demand for oil, due to COVID-19, as well the collapse of a production agreement between OPEC and Russia, has caused a surplus of oil that needs a place to be stored. A concern is whether new storage capacity can be built in time to hold the glut while COVID-19 is still running rampant. The best forecast is a production decline and some shut-ins.
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