France's CIM's oil storage tanks brimming as coronavirus quashes demand [Reuters]
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Source: Reuters
France's CIM's oil storage tanks brimming as coronavirus quashes demand PARIS, April 9 (Reuters) - Oil tanks at France’s storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said on Thursday. CIM, which handles around 40% of France’s crude imports, has 3 million cubic metres of crude storage capacity and 1.7 million cubic metres of refined products storage capacity, mostly at the Le Havre oil port hub. The firm also operates the 4,700 km Trapil pipeline network. “There is no demand, our tanks are full to the brim,” CIM’s Olivier Peyrin told Reuters. Measures put in place by governments to stop the spread of the novel coronavirus outbreak have led to a sharp drop in fuel demand globally. “Petrol demand has fallen by around 80% (in France), while jet fuel demand has tumbled by around 95%,” Peyrin said, with air traffic at France’s two major airports Orly and Charles D
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