Ron2008

Offshore Oil Storage Trade Just Got Less Profitable

OPEC said 130 million on June 2nd..

The global oversupply of crude oil will clear by the end of the year as an economic recovery spurs demand, said OPEC Director of Energy Research Hasan Qabazard. There are more than 200 million barrels of excess oil in the market in addition to 130 million barrels held on tankers at sea, Qabazard said today at a conference in Abu Dhabi.
www.bloomberg.com/apps...

I wonder if this number includes the diesel and jet fuel that's in floating storage.