Analysts have praised Saudi Arabia and other major producers for cutting output, but those producers are playing catch-up to the free-fall in demand.
"We can't act as a storage facility for everybody that doesn't have a market," Mr Pefanis said at a Texas Railroad Commission hearing, where regulators are considering a cut in state production. "With demand destruction forecasts ranging from 15 million to 22 million bpd in April 2020 and these measures not even coming into place until May, we are likely to see a substantial overhang in the short-term," said Nitesh Shah, director of research at New York-based WisdomTree Investments.
US crude inventories rose 13.1 million barrels in the week to April 10 to 486.9 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a build of 11.7 million barrels, after stocks climbed by a record 15.2 million barrels the previous week.
Source: News Formal (newsformal.com)
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