“Of the world’s three largest oil producers, Russia has the least amount of available storage capacity at about eight days, IHS said. Those figures are based on the amount of production that could be stored if exports dried up. Saudi Arabia has 18 days, and the U.S. has 30.”
-Alex Longley, Bloomberg reporter, on the rapidly diminishing storage capacity for oil. IHS Markit notes that with inventories increasing by 1.8 billion barrels and only an estimated 1.6 billion barrels of capacity, storage could run out in three months. [Bloomberg]
