Oil Tankers Jam Seas as Global Glut Builds

The amount of oil on tankers in transit has jumped to the highest since 2016, and this is cause for concern because it means there is too much oil around and it is not being consumed. That’s the message that Bloomberg had this week, citing Votexa data. Yet China had a different message: it is building more oil tanks to boost its inventories, a lot more. And that tells a different message. The Vortexa data that Bloomberg cited said that there were 1.2 billion barrels of crude oil currently at sea, being moved from one place to another. Bloomberg’s…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com