Oil storage filling up amid collapsing demand, excess production

 

The mad rush is underway. Oil drillers are trying to find places to store oil and the Cushing tank farm is reported to be quickly filling up.

S and P Global Market Intelligence published a recent assessment of the situation, pointing out that Permian Basin shale drillers “now face a once-unimaginable threat—there could soon be no place to put their crude.”

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