{"id":4891,"date":"2020-04-21T01:55:59","date_gmt":"2020-04-21T05:55:59","guid":{"rendered":"https:\/\/ckms.ca\/?p=4891"},"modified":"2020-04-21T01:56:27","modified_gmt":"2020-04-21T05:56:27","slug":"oil-demand-crash-needs-bigger-supply-reduction-than-10mbpd","status":"publish","type":"post","link":"https:\/\/blog.ckms.ca\/?p=4891","title":{"rendered":"Oil demand crash needs bigger supply reduction than 10Mbpd"},"content":{"rendered":"<p>Somewhere on Fark:<\/p>\n<p class=\"quotedcomment\"><em>Crude oil demand dropped 40% practically over night.\u00a0And even though OPEC + agreed to an almost\u00a010% reduction, that still leaves 30 million barrels a day with nowhere to go.\u00a0 Every\u00a0tanker, barge and storage tank is full, and the SPR\u00a0can only take in 500,000 barrels a day.<\/em><\/p>\n<p>The only oil people who didn&#8217;t see this coming were the ones still waiting for a miracle.<\/p>\n<p>1.\u00a0<s>Do you<\/s>\u00a0Does anyone know much the USA has reduced production since the OPEC+ ~10% (~10Mbpd) reduction.\u00a0 I&#8217;m sure I read that Saudi Arabia expected reductions from the &#8220;other&#8221; nations, which I understood to be mostly the USA.<\/p>\n<p>2. This &#8220;negative&#8221; price is just a hard signal to the market saying: STOP PUMPING OIL, WE HAVE NOWHERE TO STORE IT! @reddit<\/p>\n<p>3.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Somewhere on Fark: Crude oil demand dropped 40% practically over night.\u00a0And even&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[169,33],"class_list":["post-4891","post","type-post","status-publish","format-standard","hentry","tag-covid-19","tag-oil"],"_links":{"self":[{"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=\/wp\/v2\/posts\/4891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4891"}],"version-history":[{"count":0,"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=\/wp\/v2\/posts\/4891\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ckms.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}