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Eurasian Demand For Oil May Fall By More Than 25%

wallpapers News 2020-03-27
The United Kingdom, citing forecasts from major energy traders, said that overcrowding of oil storage facilities in the world could become a new problem facing the oil market. If the demand for raw materials continues to decline, and producers do not reduce output, there will be nowhere to store oil. Traders predict that as industrialized nations are implementing segregation, big cities such as London and New York are taking severe measures to slow the spread of the virus, and demand for oil may begin to decline more rapidly than ever before. Gunvor said that in April, demand for oil is likely to decrease by 5 million barrels per day.

Demand for oil in Eurasia may fall by more than one-fifth (down 25%). Saudi Arabia has decided to increase its supply to the market by 3 million barrels. Russia and the other Gulf States have also announced increases in supply. Therefore, excess capacity will reach 8 million barrels per day. Storage requests received by oil storage companies have a record. Besides, the cost of tankers has increased by an average of six times. Currently, oil buyers want to resell profits when oil prices recover. When the warehouse is full, or tanker storage will begin to be used, which makes transportation more difficult. According to calculations by traders, the current utilization rate of onshore oil storage facilities is 61%, which can be filled in less than six months. However, not all market participants have access to all tanks, and not all grades of oil can be stored in any container.
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