BusinessDay
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Global Oil Market Is Drowning in Crude Nobody Needs And Could Get Worse

The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies and bring about catastrophic outcomes in oil dependent countries like Nigeria. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody…



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