Oil prices in the US plunged to below $30 a barrel, Brent crude fell by 10% and several industry shows have been postponed or cancelled as the world grapples with the coronavirus pandemic.
Oil prices hit their lowest since 2016 as a growing number of countries in Europe went into lockdown with borders closed and flights cancelled. Some experts have said that global efforts to contain the spread of the virus look set to trigger the most severe contraction in annual oil demand in history.
Vandana Hari, founder of Vanda Insights in Singapore, says: ‘Global financial markets are being rattled by the growing severity of the coronavirus and at the same time spooked by the enormity of the stimulus measures to combat it.’
Many event organisers are now taking precautionary measures as the global economy attempts to recover and governments impose stricter social distancing measures. The following shows have been postponed:
• 2nd Annual Tanks & Terminals 2020 will now take place on August 24 – 26 in Dubai, UAE. www.marcusevans-conferences-middleeastern.com
• 22nd Annual International Aboveground Storage Tank Conference & Trade Show (NISTM) will now take place on July 27 – 29 in Orlando, Florida. www.nistm.org
• Cryogenic Storage Tanks will now take place on October 22-23 in Munich, Germany. www.tuvsud.com
• ChemUK 2020 will now take place on September 16 & 17 in Manchester, UK. www.chemicalukexpo.com