The world’s thirst for oil has evaporated.
Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.
Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don’t want to be the first to blink by turning off production.
That could mean a supply glut so epic that the world will soon run out of room to store all the unneeded barrels of oil.