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
-
Loud and Green : Plastic is not waste, it is an opportunity – PlasticPreneur challenges Ghana’s perception of plastic pollution
5 minutes -
Loud and Green : Young climate advocate calls for a shift from single-use plastics to tackle flooding
13 minutes -
Ocean Harmony Project founder warns plastic pollution is entering the human food chain through fish
22 minutes -
Ghana’s floods are behavioural disasters, not natural ones – Environmental advocates
36 minutes -
Nigeria clinches $10,000 grand prize as 4th ECOWAS Regional Cybersecurity Hackathon 2026 ends in Accra
2 hours -
AGI partners Danish industries to advance value chain sustainabilityÂ
3 hours -
Missing UCC student found dead as police launch investigations
3 hours -
Aflao border plunged into darkness, exposing travellers to attacks – Union Secretary
3 hours -
ECOWAS unites on minerals, industrialisation to power AfCFTA
3 hours -
Oti House of Chiefs to unveil 7-member committee on Nkwanta South conflict
3 hours -
Be advocates of modern parenting – Adaklu DCE
3 hours -
Ketu North MCE advocates agricultural mechanisation to boost productivity
3 hours -
The Thomas Partey Case: Presumption of innocence, sovereignty and the World Cup
3 hours -
Parents urged not to give away children due to poverty
4 hours -
Konongo crash leaves multiple injured
4 hours