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Tag Archives: Oil glut

Oil industry paints grimmer picture of pandemic’s harm to demand

Oil worker. Pipes

REUTERS, SEPTEMBER 14, 2020 SINGAPORE/LONDON/NEW YORK (Reuters) – Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy. The novel coronavirus hammered fuel demand in the spring, causing consumption to drop by more than one-third as billions of people worldwide restricted their movements. Consumption …

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Oil Traders Snap Up Tankers in Sign Second-Wave Glut May Be Near

Oil tankers at sea

BLOOMBERG, SEPTEMBER 11, 2020 By Sheela Tobben and Javier Blas for Bloomberg – Some of the world’s biggest oil traders are getting ready for the possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for months-long charters so that they can be ready to store excess barrels if necessary. The chartering spree is likely to alarm Saudi Arabia, …

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The Next Chapter of the Oil Crisis: The Industry Shuts Down – Bloomberg

Oil barrels. Refinery

BLOOMBERG, APRIL 26, 2020 U.S. output set to drop significantly after negative prices | Oil refiners to curtail processing as fuel demand remains weak By Javier Blas for Bloomberg – Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum …

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WATCH: Coast Guard Video Shows Oil Tanker Traffic Jam off Port of Los Angeles

Screen grab of tankers off of the California Coast

PortandTerminal.com, April 26, 2020 More than 20 million barrels of crude is the highest volume of oil to ever float off of Los Angeles/Long Beach and creates an unprecedented risk of an environmental catastrophe LOS ANGELES, CA – The Coast Guard is protecting what is believed to be about 27 oil tankers off of the Southern California Coast, according to The …

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