Oil market faces storage crisis in a world awash with crude

  • 📰 The Guardian
  • ⏱ Reading Time:
  • 1 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 4%
  • Publisher: 53%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Plummeting demand during the coronavirus pandemic has left traders scrambling for ships and other alternatives to conventional facilities

Supergiant oil tankers are floating outside the world’s largest shipping ports with enough oil to meet the world’s daily demand twice over. Only months ago these vessels criss-crossed the globe laden with up to 2 million barrels. Today they stand motionless and bloated with crude that no one will buy.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

solar_bud If there desperate, I've a few plastic milk bottles waiting to be recycled, could store a few litres here. But probably sensible to stop pumping it out of the ground.

And it's still OVER a pound A Litre here in the UK... Absolute rip off!!

Filled my car up pre lockdown fearing a similar rush on it like the toilet paper. Wish I hadn't now. At least 20p cheaper than before and I've still got a nearly full tank!

I am a Motion Graphics Designer at fiverr My Gig on Fiverr: I will make 50 eye-catching intro outro videos Need jobs

They can stop oil production. If they do this, do not have trouble.

Good time for USA to buy cheap oil to inject into its Salt Domes of National Strategic Oil Reserves, unless they are already full. If so, they need to find a few more salt domes to fill

I've filled up my heating tank for a song, now is the time to buy if you have room in your tank for next winter.

So stop production? Seems simple enough...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 84. in CA

Canada Canada Latest News, Canada Canada Headlines