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As the Covid-19 pandemic continues to bring about lockdowns and destroy demand for transportation fuel, analysts believe that oil prices are likely to remain under pressure for the rest of 1HFY2020.
ut the issue is even more pressing because global tank capacity, mostly concentrated in a few hubs like Rotterdam, the Caribbean and Singapore, isn’t available to every producer.
“Closing operations for two weeks will have dire consequences on the industry and the livelihoods of our 650,000 smallholders,” said Nageeb Wahab, chief executive of the Malaysian Palm Oil Association.
Russia’s falling out with the Organization of Petroleum Exporting Countries, at a time when a global coronavirus pandemic is wreaking havoc with the global economy, could still lay the ground for a historic shift.
With airlines cutting the number of flights daily and a growing number of European countries in lock-down, oil markets are heading for an unprecedented glut.