Largest Oil Glut In History Could Force Crude Prices Even Lower

Largest Oil Glut In History Could Force Crude Prices Even Lower

OilPrice.com

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The oil market is heading for the largest ever crude glut in the first half of 2020, which could be two to nearly four times bigger than the biggest surplus recorded so far, IHS Markit says, as quoted by Bloomberg. The glut in H1 2020 could reach between 800 million barrels and a staggering 1.3 billion barrels, more than two and up to nearly four times larger than the previous biggest glut of 360 million barrels in late 2015-early 2016, according to IHS Markit. The largest-ever glut is coming as oil demand is slumping due to the coronavirus pandemic…

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