IS THE OIL SECTOR STORING UP TROUBLE?

摘要

ASUPPLYGLUTIN the early months of 2020 tested Africa's oil storage capacity to the limit. With the world reeling from the COVID-19 pandemic and an enforced economic shutdown drastically reducing fuel demand, producers were left sitting on billions of barrels of unwanted crude, putting huge strain on global storage infrastructure. By the end of March, as the health crisis played out in Europe and hit Africa and the Americas, experts estimated the world's storage capacity was nearing capacity. The situation affected all of Africa's leading producers but was most pronounced in the oil-rich Middle East.