LONDON (Bloomberg) --While the global oil market remains in a dire situation, it’s starting to look like the nightmare scenario envisioned for the past month might just be averted.
The industry feared a flood of unwanted crude would overwhelm the world’s storage tanks as fuel demand was shattered by the coronavirus. Once that “storage wall” was hit, producers would be forced into a chaotic wave of potentially damaging shut-ins at oil wells.
In recent days, however, the alarm is starting to subside.
After the brutal price crash, producers have cut output on a historic scale, including unprecedented reductions by the OPEC+ alliance. Now demand is starting to creep higher as governments ease lockdowns, letting drivers back on the roads.
https://www.worldoil.com/news/2020/5/12/oil-storage-crisis-fading-on-global-production-cuts-and-recovering-demand
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