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Russia among most vulnerable countries during oil crisis

Russia has become one of the countries most affected by the oil market fluctuations, according to Goldman Sachs.

Other countries to be hit hard by the sinking oil prices will be the United States and Canada. In Russia, the slump in demand will hit oil production at onshore deposits.

Currently, storing crude oil poses a big problem as all onshore oil reservoirs are full. Crude oil produced offshore can be stored onboard oil tankers, Bloomberg reports. However, they may also run out of storage space soon.

Meanwhile, the world is experiencing an oversupply of oil. For example, many companies had to suspend operation as their employees are taking a paid leave due to the pandemic, which has lowered oil consumption.

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