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
-
Seven vehicles burnt as fuel tanker explodes on Nsawam-Accra highway
53 seconds -
Former COCOBOD administration spent syndicated loans on themselves, not farmers – Inusah Fuseini
27 minutes -
Mahama vows to end export of raw mineral ores by 2030, shifts focus to local processing
45 minutes -
Mahama meets UN Chief, discusses African security & democracy.
53 minutes -
Livestream: Newsfile discusses cocoa crisis, galamsey complexity and election credibility in Ghana
1 hour -
Ghana stops cocoa Smuggling by narrowing price gap with neighbours – COCOBOD CEO
1 hour -
COCOBOD CEO admits pricing gap is costing Ghana cocoa sales
1 hour -
Solomon Owusu blames NPP for cocoa crisis, backs government’s new reform agenda
2 hours -
‘Behind The Lens with Queen Liz’ explores the true meaning of Valentine’s Day, Love, Lust or Legacy?
3 hours -
‘I wanted to be an architect but ended up as a nurse’ – Diana Hamilton reveals
4 hours -
From wards to worship: Diana Hamilton reveals how nursing school shaped her destiny
4 hours -
Mahama demands binding deadlines for African reparations
5 hours -
This is not the time to settle political scores – Bawumia to government
6 hours -
5 definitive Valentine’s Day gifts to win your lover’s heart in Ghana
6 hours -
37% of SHS students exposed to drugs – Opare-Addo
6 hours