Expecting the Unexpected

During the COVID-19 pandemic, oil supply have exceeded demand to such an extent that 27 oil tankers have been parked for several days off the coast of Los Angeles with holds loaded with millions of tons of crude oil waiting for a buyer and no place to store while the market is flooded with cheap gas. In normal times, that amount would be enough to meet one fifth of the world’s demand. With the COVID-19 pandemic, the global economy has frozen and demand has collapsed. The price of crude oil […]

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