OIL is witnessing an unprecedented, simultaneous demand and supply shock that has the potential to send prices further down as the world runs out of space to store supplies coming to a market that has seen demand crash due to the coronavirus pandemic.
The origin of the current carnage began with the collapse of the OPEC+ (a group of 23 producing countries) coalition’s discussions on March 6, when Russia failed to agree to a Saudi call for a deeper oil production cut from the group.
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