Oil movers and shakers are desperate for storage as rampant oversupply wreaks havoc in an industry that usually operates with very limited spare capacity. – EPA pic, April 23, 2020.
THE oil market, rocked by crisis this week as prices plunged below zero on rampant oversupply and demand-destroying coronavirus, faces the critical problem of where to store surplus crude. “To put it simply, there is too much oil with too little space to store it,” said TS Lombard economist Konstantinos Venetis.
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