International oil storage may attain most capability inside weeks, power analysts have instructed CNBC, because the coronavirus disaster dramatically reduces consumption and among the world's strongest crude producers begin to ramp up their output.

The coronavirus pandemic has meant international locations have successfully needed to shut down, with many governments imposing draconian measures on the every day lives of billions of individuals. It has created an unprecedented demand shock in power markets, with cupboard space – each onshore and offshore – rapidly operating out.

On the identical time, a three-year pact between OPEC and non-OPEC companions to curb oil output ended on Wednesday, paving the way in which for oil producers to ramp up manufacturing.

OPEC kingpin Saudi Arabia has pledged to hike output to a report excessive.

"Refineries in lots of locations are actually shedding cash for each barrel they...