Oil sector faces ‘worst crisis’ in its history

摘要

The global oil industry is facing an unprecedented shock and the “worst crisis” in its history, as the end of the Opec+ production restraint agreement overlaps with the coronavirus pandemic, the IEA says. The large mismatch between supply and demand is causing a rapid build-up in inventories and storage capacity is becoming saturated, the agency says in a new report. The oil industry faces the threat of bankruptcies and layofs, oil supplies with nowhere to go, weak refning margins and fuel demand in free fall, it says. “The oil industry has never seen anything like 2020,” the IEA says.