Friday, 16 June 2017

In latest sign of crude glut, ageing supertankers used to store unsold oil

Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices. Around 10 very large crude carriers (VLCCs), all between 16 and 20 years old, have been chartered since the end of May to store crude for periods ranging from 30 days to around six months. Each VLCC can carry 2 million barrels of oil.

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