OPEC countries once again come to the rescue with a deal – Saudi Gazette

OPEC countries once again come to the rescue with a deal – Saudi Gazette

Rystad Energy currently estimates that the demand-supply imbalance for April 2020 is 27.4 million bpd, an amount that is physically impossible for the oil market to absorb.. The world has around 7.4 billion barrels crude and products in onshore storage, including 1.3 billion currently onboard tankers at sea.. We believe that the theoretical available storage capacity is limited to 1.5 billion barrels onshore for crude and products combined.. According to our bottom-up supply database, total liquids production in OPEC was 30.25 million bpd in March 2020, and without taking into account any future cuts, is on track to grow to 31.65 million bpd in April 2020, buoyed mostly by Saudi Arabia's export.. Russia takes on 2 million bpd of cuts that means the share of cuts from OPEC members would translate into cutting 26% of total production..