The next chapter of the oil crisis: the industry shuts down

The price shock has been particularly intense in the physical market. PHOTO: AFP
New: Gift this subscriber-only story to your friends and family

LONDON (BLOOMBERG) - Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil.

The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.