Global oil storage could reach full capacity in few months

According to Rystad Energy, the world's oil storages will be at full capacity within a few months. This could cause the oil price to dip below USD 10 a barrel, assesses the analyst firm.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

If the current imbalance in the oil market continues, the world's oil storages will reach full capacity in just a few months, assesses Rystad Energy.

In an update published Friday, the analyst firm writes that a little more than three quarters, 76 percent, of the world's oil storage capacity is already full. Meanwhile, the world's largest-ever supply of oil in a single quarter is set to hit global markets from April, creating an imbalance of 10 million barrels a day.

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