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Oil shortage or surplus? Floating storage swamps Europe

Reuters  |  LONDON 

By Amanda Cooper and Shadia NasrallaLONDON (Reuters) - OPEC is considering whether or not to raise its oil production to prevent the global market from becoming too squeezed, but there is one part of the world that is telling a very different story about the balance between supply and demand.The boom in U.S. shale shipments has outstripped OPEC's production cuts and pushed millions of barrels into European waters, where more crude is being stored on ships than at any time in the last 18 months.And it's not just the volume of oil aboard ships. At a monthly average in May of 12.9 million ...

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First Published: Wed, June 13 2018. 10:38 IST