Low oil consumption, the rising supply glut around the world and weak crude prices due to the novel coronavirus (COVID-19) have caused a build-up in global oil stocks whose storage capacity is now more than 80% full.

Quarantine measures along with the decline in transportation and weak economic activities have decreased global oil demand by around 20 million barrels per day (bpd). To mitigate the negative impact of COVID-19, Saudi Arabia and Russia met on March 6 but failed to make deeper output cuts, which pushed crude prices on March 30 to their lowest levels since 2002.

Led by

Read more: Low oil demand pushes global stock capacity to over 80%