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Oil Glut May Overwhelm Global Storage Tanks Within Weeks

  • Demand is set for biggest annual decline in history, says IEA
  • Goldman to Gunvor say storage space will soon be exhausted
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IEA Sees Record Collapse in Global Oil Demand
Updated on

Just days after OPEC and its allies announced their big deal to rescue the global oil industry, it’s becoming brutally clear that all they’ve done is limit the worst of the damage.

The largest coordinated production cut in history is already withering in the face of a demand collapse unlike anything the world has ever seen. After a brief rally, crude has already fallen back to an 18-year low in New York and everyone from the leaders of petro-states to the bosses of major oil companies is facing more financial pain from the coronavirus pandemic.