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The first quarter of 2020 has absolutely rocked global oil markets due to COVID-19, an OPEC+ supply and price dispute as well as a global economic recession. What happens next is still unknown, but with global storage on the brink of filling up and demand destruction nearing 20 million bpd, the global oil industry will almost certainly change forever. IOCs (International Oil Companies) and smaller independents face particularly daunting challenges, while NOCs (National Oil Companies) look to capture more market share while putting their competition out of business.
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