3 weeks left before the collapse of the oil market

29 April, 2020

The global oil market is racing at full speed to a logistical collapse. A reverse report has been launched for mining and trading in "black gold" companies, which quickly run out of all possible places where excess raw materials can be stored.

All available oil storage tanks in the world may be exhausted in the next 3-4 weeks. We are talking about both land-based storage facilities and tankers that drift in dozens off the coast of the United States, Europe and Asia without being able to unload: 

  • There are more than 30 tankers in a traffic jam off the coast of North-Western Europe.
  • More than 100 (!!!) ships near the port of Singapore in the same traffic jam. 
  • Oil supplies to Germany, France, Italy, Spain and the UK exceed demand by 50 million barrels per week. These volumes go to commercial storage facilities, which are already packed to capacity. 
  • In India refineries have already used 95% of their storage capacity. 
  • Nigeria has announced that it is forced to cut production because there is no one to sell oil and no place to store. 
  • Russian oil companies are considering the possibility of burning extracted oil.

 We are approaching the denouement in a few weeks!


Source  
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