Oil sector facing unprecedented shock: IeA

摘要

The global oil industry is facing its “worst crisis” in history, with the end of the Opec+ production restraints sending prices tumbling just as the coronavirus pandemic is crushing demand, the IEA said today in a new report. The large mismatch between supply and demand is causing a rapid build-up in inventories, and storage capacity is becom- ing saturated, the report said. The oil industry, it says, faces the threat of bankruptcies and layofs, oil supplies with no- where to go, low refning margins and fuel demand in free fall.