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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Oil prices could turn negative as world runs out of storage
Around the world, producers are capping output because there is nowhere to send the oil, referred to as a "shut-in". Oil prices could turn negative in some parts with producers paying for their oil to be removed or stored as demand continues to collapse. Russia and the US could be the biggest losers from the crash. In landlocked regions where maintaining an oil well no longer makes financial sensel, it would be cheaper to continue production and have the oil taken away and stored than shutting down wells. Storage space is almost full and demand has dropped following restrictions implemented to battle the spread of the Wuhan Virus.
Abstract details
Websites:
https://www.telegraph.co.uk/business/2020/03/30/oil-prices-sink-17-year-low/
Journal title: Daily Telegraph
Keywords: Prices - crude oil
Subjects: Oil prices, Bulk storage
