Oil held in storage at sea approaching 2009 record as glut builds up [Reuters]
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Source: Reuters
Oil held in storage at sea approaching 2009 record as glut builds up LONDON, April 1 (Reuters) - Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say. Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history. The last time floating storage reached similar levels was in 2009, when traders stored over 100 million barrels at sea before offloading stocks. There are over 770 supertankers in the world - each carrying a maximum of 2 million barrels - and shipping sources estimate that between 25 to 40 are currently being used for floating storage. Locations typically include the U.S. Gulf and Singapore, where major oil hubs are situated. This compar
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