World looking at possible buildup of the most extreme oil surplus ever recorded – IHS Markit

The world is looking at the “possible buildup of the most extreme global oil supply surplus ever recorded,” IHS Markit said in a report.

IHS Markit estimates surplus could grow to 800 mln to 1.3 bln barrels in first half 2020

The surplus could range 800 million to 1.3 billion barrels in the first six months of 2020 if the price war continues midst a global recession and coronavirus crisis

Would exceed 2015-2016 six-month global supply surplus, which was a cumulative 360 million barrels

U.S. crude oil production could fall by 2-4 MMb/d over next 18 months.
Source: Reuters (Reporting By Jessica Resnick-Ault)