Bloomberg The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody needs the fuels they produce. In physical oil markets, barrels are already changing hands for …

RIYADH / WAM The Kingdom of Saudi Arabia announced on Sunday that it will extend the suspension of workplace attendance in both public and private sectors and international passenger flights among efforts to contain the spread of the coronavirus. In a statement issued by an official source at the Ministry of Interior, all domestic flights, trains, buses and taxis also …

Bloomberg American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the US, sent a letter last week asking its suppliers to scale back production. The notice came …