1. French CIM oil storage tanks brimming as coronavirus quashes demand
Oil tanks at FranceпїЅs storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said, as per Reuters. CIM, which handles around 40% of FranceпїЅs crude imports, has 3 million cubic metres of crude storage capacity and 1.7 million cubic metres of refined products storage capacity, mostly at the Le Havre oil port hub. The firm also operates the 4,700 km Trapil pipeline network. пїЅThere is no demand, our tanks are full to the brim,пїЅ CIM's Olivier Peyrin told Reuters.
3. OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
MOSCOW (MRC) -- OPEC and allies led by Russia agreed to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%, reported Reuters. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.
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