@natecull Sadly, no. Mostly that futures contracts expiry exceeds available storage / demand / transport capacity. Expect to see extraction rates fall massively. And some bankruptcies / defaults. With ripples of a Tohoku nature.
It does seem naively like "well then just stop making more of your product if nobody's buying it" would be a solution to "help our tanks are full".
But I'm not an oil genius or a finance genius so there are probably technical reasons why they just can't stop and why doing the sensible thing automatically blows up the economy.
@natecull Why The World Is Still Pumping So Much Oil Even As Demand Drops Away
... production is decreasing — just not fast enough. ... Crude in a pipeline can take weeks to reach its destination ... oil purchased in mid-March could still be in transit in mid-April ... it takes time for oil producers to start turning off existing wells ... [wells] shut down can be hard to turn back on ... leases [may] require them to drill the land in question ...
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