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Crude Oil: Historic Oil Glut Amassed During the Pandemic Has Almost Gone

Apr 18 2021, 11:17 PM April 18 2021, 12:30 PM April 18 2021, 11:17 PM (Bloomberg) The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. (Bloomberg) The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a key depot in South Africa is depleted.

Historic Oil Glut Amassed During the Pandemic Has Almost Gone

Publishing date: Apr 18, 2021  •  3 hours ago  •  4 minute read  •  Article content (Bloomberg) The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a key depot in South Africa is depleted. We apologize, but this video has failed to load. Try refreshing your browser, or

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