OEF Rapid Review
Oil traders are storing more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for. The amount of oil stored in tankers reached a 2017 high of 111.9 million barrels early June, and higher volumes of storage in the North Sea, Singapore and Iran account for most of the increase. Oil in floating storage has been building at a rate of about 800,000 barrels a day since early May and continues to increase, said a Morgan Stanley report.
LINK TO THE SOURCE ARTICLE:
OPEC Cuts Still Aren’t Having Enough Of An Impact
