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.