I say that is light! When we were in a simple recession, there was 300 million barrels in ships. This stayed in ships until the USA decided the prices were low enough they could top off their nation's reserves. Alberta should have 80 million barrels in storage in not too long a time! Banks don't pay for oil in storage.
This time around there is no giant hole in the US waiting to be filled.
Iran is pumping out about 300,000 barrels a day of crude adding to the world's glut. I don't trust the US in any part of their dealings with Iran! My guess is Iran's oil is heading for Cushing GA. and is behind the luckless Keystone.
Look now at the market place, you have seen where the glut is firmly in place.
Consider the market place.
China, the big dream account for oil marketers is building 16 new nuclear plants! They will replace much of their oil needs and China has the most advanced electrical distribution system in the world! Looking into the Chinese Nuclear a bit closer it appears these new additions are 1000 MW units. That would be I think, the Chinese version of the mini reactors which were introduced by the US with 500 MW outputs. Genesee 3 puts out 176 MW for a comparison. China is at 21,000 MW plus.
Japan, blackmailed into paying 17.00 per mcf of LNG got a new Government who said NO! They immediately opened their 3 remaining Nuclear plants and promised to build 6 more in the next year or two! That is the end of the LNG dream market.
India was running a Nuclear plant that could recover and reshape its uranium rods. The US put pressure on them to shut it down because these plants can also produce fissionable material!
So, for a spate of time India was interested in any oil, any place; even Alberta.
Now they have completed their new nuclear facility or are close to it.
Talks between the Saudi and the Russians went no-place. In a glut like this people will be giving oil away so they don't have to pay for storage!
I will say further; we will never, ever recover our oil industry. The world has changed! Nuclear is out front as the best green alternative.
No government can invent jobs overnight to fill the blanks! People have to start thinking for themselves.