Because of lack of tanks oil price may fall to $20 per barrels

Storage tanks for oil surpluses may soon be filled against the background of the fact that the supply of oil to the world market exceeds the demand for it by about 1.5 million barrels per day.

The stocks in the USA are at a maximum level over the past 80 years, while storages in the country are 70% filled. The stocks at the key terminal in Cushing (Oklahoma), which is not only a transit hub for oil, supplied from Canada and West Texas, before its delivery to refineries on the Gulf of Mexico’s coast, but also contains volumes of oil, providing futures contracts on the New York Stock Exchange, NYMEX, reached 49.2 million barrels. Over the past 4 weeks, the stocks in Cushing grew by 7.8 million barrels, at a pace the space in the storage will end by May.