Oil Price May Fall to $10 a Barrel as World Runs Out of Storage Space

Source: Inside Climate News

The Guardian

The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues to fall due to the COVID-19 pandemic, The Guardian reports. On average, world storage levels have climbed to about three-quarters full since January, and some analysts predict oil falling as low as $10 a barrel this year.

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