The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.” The sober statement comes even as OPEC has taken unprecedented action to draw down global oil inventories. “One of the major concerns of the industry was that as a result of the double shock on supply and demand, the industry was going to exhaust storage capacity, both onshore and probably offshore,” Barkindo said, after oil prices crashed in April as lockdowns stymied demand and taxed available storage constraints all over the world—both onshore and offshore. Barkindo added that had the available storage capacity been allowed to be exhausted, the oil markets would have headed toward […]