Collapsing demand sets the terms in the battle for market share

We gathered the questions from both Macro Oils webinars on 7 April 2020 and have provided succinct answers here. These questions and answers address several issues of interest to our clients. We grouped the questions by key topic, including: • Demand – what are our assumptions and the downside risks to demand? • Supply – will higher prices affect US Lower 48 crude and condensate production? • Crude trade – what are the implications of these market developments on crude trade? • Crude oil storage – is there enough storage capacity for the oversupply? Are we near capacity? • IMO – what are the implications for the new IMO compliance regime?