WHEN SUPPLY OUTSTRIPS DEMAND

Kpler’s Alex Booth looks at how the global crude crisis in 2020 came about, how it affected storage and the direction of the trends now. THE BUILD-UP TO THE GLOBAL CRUDE OVERHANG – A PRICE WAR COMPOUNDED BY COVID-19 The build-up to the global crude crisis started long before COVID-19 decimated demand. OPEC+ had been cutting output since 2016 to try and limit the slide in oil prices brought about from the rise of US shale oil production. As US production continued to grow and the coalition continued to lose market share, tensions frayed as to the best approach to […]