Oil price may fall to $10 a barrel as world runs out of storage space

Facilities thought to be 75% full with Saudi Arabia due to ramp up output as demand falters amid coronavirus shutdowns

The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues to fall due to the Covid-19 pandemic.

Oil storage levels across the world's storage facilities have climbed to about three-quarters full on average since the January shutdown of major refineries in China's industrial heartlands to stem the outbreak of the coronavirus.