HOW COVID-19 & THE PLUMMETING OIL PRICE HAS IMPACTED THE GLOBAL STORAGE MARKET

IN THE second of the new professional webinar series, held on 18 June 2020, Tank Storage Magazine spoke to three experts to find out how the global oil storage market has been affected by the current COVID-19 pandemic and what might happen next. The webinar, entitled ‘How COVID-19 & the plummeting oil price has impacted the global storage market’, was moderated by Patrick Kulsen, managing director of economics forecasting organisation Global Insight. THE OIL INDUSTRY POST COVID-19 Charles Daly, chairman of Channoil Consulting, gave the first talk of the webinar, on what the oil industry might look like once the COVID-19 pandemic is over. ‘History has told us that a pandemic is no new phenomenon,’ he began. There have been numerous pandemics in history, from the Black Death to Spanish Flu, and more recently SARS and MERS. Global crises affecting the economy are also not new. Daly drew several parallels from past crises, including the US Depression of the 1930s, World War II and the global economic crisis in 2008, and he is optimistic of a recovery. The most similar crisis to the current situation economically, is World War II, he said, and so that is the most...