The issue of a lack of storage capacity is most pronounced in North America, experts say
Audio By Carbonatix
More on reports that the global demand for energy is set to plummet by a record amount this year, according to a forecast from the International Energy Agency (IEA).
The group has warned that storage space for excess crude oil is likely to run out in the coming weeks.
"We may well see around mid-June the global storage capacity [will] be full," executive director Fatih Birol told Reuters news agency. He said the problem was worst in North America.
Oil firms have resorted to renting tankers to store the surplus supply and that forced the price of US oil into negative territory for the first time in history earlier this month.
But prices have begun to rebound since then.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Italy busts €300 million streaming piracy ring
51 minutes -
Texas sues Meta, WhatsApp over encryption privacy claims
1 hour -
QNET, Manchester City Host Grassroots Football Clinic in Ghana
2 hours -
Stakeholders demand urgent intervention in Ghana Swimming Association crisis
4 hours -
Labourer remanded for allegedly robbing financial consultant
4 hours -
Two granted GH¢200K bail each over maize fraud
4 hours -
Panama backs Morocco’s autonomy plan on Sahara dispute
4 hours -
King Mohammed VI pardons Senegalese fans convicted during AFCON
5 hours -
Morocco wants tourists to visit Western Sahara. Some say it’s tightening its control
5 hours -
East Africa wants to curb imports of used clothes. But it’s not easy
5 hours -
Ebola outbreak poses massive challenges, warns nurse
5 hours -
Bolivian minister’s convoy ambushed while overseeing roadblock clearance
5 hours -
One killed and many feared trapped under collapsed building in Philippines
5 hours -
Trump tells US negotiators ‘not to rush’ into deal with Iran
6 hours -
Conte to leave Napoli a year after winning Serie A
6 hours