Apr 1, 2020

The world could soon run out of space to store oil. That may plunge prices below zero

Posted by in category: transportation

The world’s thirst for oil has evaporated.

Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.

Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don’t want to be the first to blink by turning off production.

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