"IEA: Huge Oil Build Threatens To Fill Up Global Storage Within Weeks"

Should the tanks start overflowing we'd have a bit of an ecological mess. [Hi Izzy]
From OilPrice:

The historic OPEC+ production cut deal may have prevented a total disaster in the oil market, but it will be unable to stave off the impending global oil inventory build that is threatening to fill all the available storage in the world over the next few weeks, the International Energy Agency (IEA) said on Wednesday.

“Never before has the oil industry come this close to testing its logistics capacity to the limit,” the agency said in its closely-watched Oil Market Report for April.

According to the IEA, the demand loss due to the coronavirus pandemic could result in a stock build of 12 million barrels per day (bpd) in the first half 2020, despite the OPEC+ decision to cut collective production by 9.7 million bpd in May and June.

The glut “still threatens to overwhelm the logistics of the oil industry – ships, pipelines and storage tanks – in the coming weeks,” the Paris-based agency said in the report.

Overall, the global storage capacity may be overwhelmed by the middle of this year....

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