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Billion-Barrel Oil Flood From OPEC Fight to Strain World’s Tanks

  • Crude stocks pile up at record rate amid Saudi-Russia clash
  • Goldman Sachs predicts that storage capacity will run out
An oil drilling rig, operated by Tatneft PJSC, operates at night on an oilfield near Almetyevsk, Tatarstan, Russia. 

An oil drilling rig, operated by Tatneft PJSC, operates at night on an oilfield near Almetyevsk, Tatarstan, Russia. 

Photographer: Andrey Rudakov/Bloomberg
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The oil-price war between Saudi Arabia and Russia is set to unleash the biggest flood of crude ever seen, perhaps more than the world can even store.

As producers ramp up shipments in a battle for dominance of global markets, and the coronavirus crushes demand, more than a billion extra barrels could flow into storage tanks. That could strain the available space and send oil prices crashing further, with brutal consequences for the petroleum industry and producing nations.