"The oil industry could be facing the worst supply glut in history and start running out of storage space for excess oil because of the coronavirus pandemic, analysts warned yesterday.
As the outbreak dampens the economy and forces people to stop traveling, oil prices are continuing to plunge as supplies rise.
Goldman Sachs predicted in a research note that Brent oil, the international standard, could fall to $20 a barrel by the middle of the second financial quarter. Prices dropped yesterday as more countries imposed quarantines and travel bans and as a price war sparked by Saudi Arabia and Russia dragged into its second week."
Mike Lee, Carlos Anchondo, and Lesley Clark report for EnergyWire March 18, 2020.
SEE ALSO:
"Coronavirus Oil Crash: What It Means For One State" (EnergyWire)
"Oil Collapses By Another 24% To $20. It Hasn't Been This Low Since 2002" (CNN)
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