March 16, 2020 / 1:50 PM / 20 days ago

World looking at possible buildup of the most extreme oil surplus ever recorded - IHS Markit

NEW YORK, March 16 (Reuters) - The world is looking at the “possible buildup of the most extreme global oil supply surplus ever recorded,” IHS Markit said in a report on Monday.

* IHS Markit estimates surplus could grow to 800 mln to 1.3 bln barrels in first half 2020

* The surplus could range 800 million to 1.3 billion barrels in the first six months of 2020 if the price war continues midst a global recession and coronavirus crisis

* Would exceed 2015-2016 six-month global supply surplus, which was a cumulative 360 million barrels

* U.S. crude oil production could fall by 2-4 MMb/d over next 18 months (Reporting By Jessica Resnick-Ault)

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