I don't think anyone is producing oil to store in tanks at this point. All signs point to inventory declining at a pretty steady rate since early 2021. Problem with oil is no one really drilled during 2020, all the chatter at the time was about peak oil demand and new paradigms. When the price went negative in April 2020, people slashed their budgets and laid up 2/3-3/4 of drilling rigs in NA.
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