World Is Heading for Biggest Ever Oil Surplus, Says IHS Markit
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After a dizzying drop in demand and an about-face in Saudi Arabian production policy, global oil markets face the possibility of the biggest crude surplus ever recorded, according to IHS Markit.
Should the price war between the kingdom and Russia persist and the world tip into recession due to the coronavirus, the oil excess could swell to between 800 million and 1.3 billion barrels in the first six months of this year, the industry consultant said in a note.