Somewhere on Fark:
Crude oil demand dropped 40% practically over night. And even though OPEC + agreed to an almost 10% reduction, that still leaves 30 million barrels a day with nowhere to go. Every tanker, barge and storage tank is full, and the SPR can only take in 500,000 barrels a day.
The only oil people who didn’t see this coming were the ones still waiting for a miracle.
1. Do you Does anyone know much the USA has reduced production since the OPEC+ ~10% (~10Mbpd) reduction. I’m sure I read that Saudi Arabia expected reductions from the “other” nations, which I understood to be mostly the USA.
2. This “negative” price is just a hard signal to the market saying: STOP PUMPING OIL, WE HAVE NOWHERE TO STORE IT! @reddit
3.
