Oil storage buckles as virus saps demand

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand

IEA says oil stocks, non-OPEC output to buffer market from shocks

Surging oil production from non-OPEC countries led by the US along with abundant global stocks will help the market weather political shocks such as the US-Iran stand-off, IEA said