Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
Hansen said: "Oil needs to be stored somewhere. You cannot extract it and not store it somewhere. There may be 20 million barrels of oil shut in over the next few weeks and when that occurs, oil prices will come under additional pressure".
"We have to get to balance between supply and demand. We will to have to see forced closure to certain amount of millions of barrels in order to bring balance. So when the balance is reached that is the best for the market and that is why I see that even now demand is down by around 25 to 30 million barrels," Hansen said.
"We have to think about a market that is not supplying 100 million bpd but 70m bpd. This is new base where the market has to operate and have to make forward projections," he said.
Hansen believes the oil storage issue is central to industry's fortunes, with survival dependent on producers accessing direct customers or storage facilities.
Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
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