We're Barreling Toward An Epic Glut Of Oil
The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.
by Camila Domonoske
Mar 20, 2020
2 minutes
Some parts of the economy are grappling with pandemic-driven shortages. The oil industry has the opposite problem: so much extra oil that it's not clear where to put it all.
With millions of people not taking trips, commuting or flying, the world's appetite for oil has come crashing down, thanks to the coronavirus.
At the same time, between giant producers Saudi Arabia and Russia
You’re reading a preview, subscribe to read more.
Start your free 30 days