- 2020 has unleashed a world-wide oil-production cut led by the U.S., Saudi Arabia, and Russia.
- Due to lockdown crude-oil demand has collapsed as people stop driving and airplanes are grounded.
- Refineries that turn crude into fuel are slowing oil purchases.
- Oil-storage facilities from Asia to Africa and the American Southwest are filling up.
- Producers have begun to shut in wells whose oil has nowhere to go.
- OPEC+ countries agreed to withhold 9.7 million barrels a day from markets.
- U.S. benchmark...
http://mfame.guru/thirst-for-oil-vanishes-leaving-industry-in-chaos/