Oil in floating storage more than doubles within four weeks
According to data from oil analytics company Vortexa, the amount of main oil products kept in floating storage around the globe has more than doubled to around 68 million barrels in the past month.
The number, which includes gasoline, diesel and jet fuel as of April 22, compared with around 30 million barrels in the month before, Vortexa said.
With insufficient space available on land storage tanks, traders around the world have been rushing to book tankers of different sizes to store oil products as worldwide lockdowns to tackle the market for coronavirus pandemic hammer oil.
In Northwest Europe, the Mediterranean, the Gulf of Mexico, Fujairah in the United Arab Emirates and Singapore, as well as elsewhere, floating storage has increased, Vortexa said.
Maritime Business World