A、Lack of oil storage space. B、Regional collapse in oil price. C、Excessive oil demand of the US. D、Decision on cut in oil produc

Oil is so oversupplied globally that countries are running out of storage. The US, which is thought to have among the largest storage facilities in the world, has nowhere left to keep it. And it’s not the only country, says Paul Stevens, professor at the University of Dundee, and a Middle East specialist.
    "Storage is pretty much full and people are already talking about buying tankers as floating storage," he says. "But if supply continues to exceed demand, then the only thing that you can do with the oil is sell it, which inevitably pushes the price down."
    Alan Gelder of oil analysts Wood Mackenzie takes a different view, suggesting it’s not entirely clear whether US storage is completely full. "We know about US and European storage levels," he adds.
    Professor Stevens warns that the collapse in the oil price is the result of oil—as a commodity— being "freely traded for the first time since 1928". That, he says, is because Saudi Arabia has decided not to cut production to support prices—unlike during previous oil oversupply.
5 What is the result of the oil oversupply?
6 Who is facing the problem mentioned in the news report?
7 What did Professor Stevens say about oil price?