Saudi Aramco is planning to produce a record 12.3 million barrels a day in April. U.S. shale oil output is on track to reach 9.08 million barrels a day, and Russia said it could increase output. At the same time, global demand is declining as governments shut down transport links. (Reuters)

Talking point: The world may be on pace for the most extreme oil buildup ever, according to a market report from IHS Markit, which calculated that the surplus could range from 800 million and 1.3 billion barrels in the first six months of the year. That would be significantly larger than the 2015–2016 six-month global supply surplus, which hit 360 million barrels and had major negative consequences for Canada’s oil patch. Those included mass layoffs, cutbacks and cancelled projects when oil hit US$40 a barrel. Oil is currently trading at US$29, and it could well go lower. Aramco said it could ramp up output to up to 13 million barrels a day, while global crude demand is likely to be at least 10 per cent lower over the coming weeks.