May 2020, Vol. 247, No. 5

Global News

Global News

Global Oil Storage May Hit Capacity Within Months As coronavirus (COVID-19) wipes out oil demand and big producers pump more, the oil market is creating a global glut that threatens to overwhelm storage capacity within months and force widespread industry shutdowns.  IHS Markit analysts estimated the global oil supply surplus on a monthly basis to range between 4 million barrels per day (bpd) and 10 million bpd from February to May 2020 – equal to 4% to 10% of global demand. Standard Chartered Bank expected an “extreme” global surplus of 12.9 MMbpd  in the second quarter – 13% of global demand – and a cumulative surplus exceeding 2.1 billion barre

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