It was going to be a reasonably good year for oil. OPEC+ would continue to keep a lid on production to keep prices above dangerous levels, and U.S. shale would continue to expand. But a series of events–some predictable and some not-so-predictable would change the trajectory of the global oil market. Russia quit the cuts. The coronavirus epidemic that had paralyzed China signaled it had bigger plans, ones that involved the whole planet. The result: what started as a reasonably good year turned into a nightmare. The oil industry is reeling from this nightmare, but unfortunately, there is no waking up from it. Oil producers are selling their crude at discounts to even current depressed benchmarks, desperate to find buyers, according to a new Bloomberg report . The price pain is universal, stretching from Russia to Alaska and from Europe to Australia. At the same time, oil storage tanks […]