Lack of Demand for Oil has Industry Considering Closing Wells

The dramatic drop in demand for oil caused by the spread of COVID-19 has companies struggling to find available storage. Commodities Expert, Al Kluis discussed the expensive decision oil companies are facing in regard to closing wells with the New York Post. He suggested closing wells will hurt short-term profitability, but the move may be necessary based on recent demand trends.

For more comments from Al Kluis, read the full article.