The Anonymous Widower

Global Oil Storage Close To Being ‘Overwhelmed’

The title of this post is the same as that of this article in The Times.

This is the introductory paragraph.

Ships, pipelines and storage tanks holding surplus oil could be “overwhelmed” within weeks as the coronavirus pandemic causes unprecedented drops in fuel usage, the International Energy Agency warned yesterday.

So what are we going to do?

I can’t see Iran, Russia, Saudi Arabia and the United States cutting oil production.

But that is what must happen!

April 16, 2020 - Posted by | World | , , , ,

5 Comments »

  1. Neither can I; they all have similar ways of thinking and they won’t.

    Comment by nosnikrapzil | April 16, 2020 | Reply

  2. They’ll have to cut production as the price per barrel has dropped and there is nowhere to store the stuff.

    Comment by mauricegreed | April 16, 2020 | Reply

  3. In theory the price of oil could go negative. In theory.

    Comment by Matthew | April 17, 2020 | Reply

    • I didn’t think it would only take three days!

      Comment by Matthew | April 20, 2020 | Reply

      • I saw it had gone negative!

        Comment by AnonW | April 20, 2020


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