Global tankers are overflowing with oil – their volumes have reached a nine-year high of 1.4 billion barrels. Experts warn that record inventories and rising production could lead to further price declines, UNN reports, citing Bloomberg.
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According to Vortexa Ltd., "nearly 1.4 billion barrels of oil are currently on board oil tankers." This is the highest figure since 2016, the publication writes.
Crude oil production transported by sea has been growing for the tenth consecutive week – the longest increase since statistics began. The increase in volumes, as indicated, is associated with increased production by OPEC+ countries and other producers, particularly in America.
Last week, the Trump administration's sanctions against Russian oil companies Lukoil and Rosneft caused a sharp rise in oil prices after a five-month low. However, experts predict that prices will still fall by about 7% this month due to an expected oversupply. According to the International Energy Agency, the market will face a record oil surplus next year.
Earlier, UNN wrote that Great Britain expanded its sanctions list, adding Russian oil giants Rosneft and Lukoil, as well as the Indian company Nayara Energy, co-owned by Rosneft.