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Home Business News

Brent crude slides by 8%, as storage fears mount

Olumide Adesina by Olumide Adesina
April 27, 2020
in Business News, Politics
Brent crude crashes 5%, oil storage capacity almost full,Brent crude oil surges to $31.55, oil demand picks up, Nigeria and the irony of rising crude oil prices

Crude Oil Exploration

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Oil prices have started another losing streak this week due to signals that global oil storage capability is reaching its breaking point. This comes as worries grow over the possibility that the promised oil production cuts will not be enough to meet up with the plunge in demand caused by COVID-19 pandemic. 

Brent crude was down by about 8.12%, trading at $19.70 a barrel, at 3.49 pm Nigerian local time, on Monday. 

“Rising inventories and weak demand are weighing heavily on sentiment,” ANZ analysts told Reuters. 

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Meanwhile. there were high price upswings in the oil market last week, as demand for crude fell by about 30% due to the COVID-19 onslaught. 

READ MORE: Nigerian banks at risk due to debts by independent oil producers

Oil traders expect demand for crude oil to fall short of supply for several weeks as a result of the economic disruption.  

Crude oil prices,Brent crude crashes 5%, oil storage capacity almost full

Oil producers are not reducing oil production as promised to support crude oil prices and this is not helping, especially as global economic growth is projected to fall by 2% in 2020. 

However, OPEC and its allies including Russia, a group known as OPEC+, promised two weeks earlier to reduce oil production by 9.7 million barrels of oil per day in May and June. 

Presently, the world’s largest independent oil storage firm is out of storage space for crude oil, because of the fast-increasing oil glut created by COVID-19. 

“The available capacity on the oil side is almost completely sold out for our terminals,” Gerard Paulides, the Chief Financial Officer of Rotterdam-based Royal Vopak NV, said in an interview. “For Vopak, the worldwide available capacity that is not in maintenance is almost all gone and from what I hear elsewhere in the world we’re not the only ones.” 

 


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Tags: Brent CrudeBrent crude oil pricesBusiness NewsCost of crude oil production in NigeriaGlobal Crude Oil PricesNigerian Business NewsOil production cutoil storageOPEC
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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