US Oil industry get worse hit of the record during covid-19 Crisis as pandemic hits demand.
The extraordinary collapse in oil markets is showing no signs of easing, as the Covid-19 crisis slump demand and producers run out of places to store all their excess barrels of crude.
The last time storage reached levels close to this was in the depths of the financial crisis in 2009, when some traders stored more than 100m barrels at sea before offloading stocks when the economy began to recover.
Oil storage facilities are at risk of overflowing, raising the chance that more specifically oil producers in the United States and Canada could start paying customers to take crude off their hands, according to Commodity Analyst.
President of US Donald Trump said ON Monday the U.S. is “looking to” add as many as 75 million barrels of oil to the Petroleum Reserve.