Oil10 Apr 2020 08:57
“To put the oil storage situation into some context, the OPEC Secretariat’s assessment of available global oil storage capacity stands over 1 billion barrels. Given the current unprecedented supply and demand imbalance there could be a colossal excess volume of 14.7 million barrels a day in the 2Q20,” OPEC Secretary General Mohammad Barkindo said in remarks during a virtual meeting of major oil producers on Thursday.
“This oversupply would add a further 1.3 billion barrels to global crude oil stocks, and hence exhaust the available global crude oil storage capacity within the month of May,” he said.