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Sinking feeling: Asian floating oil storage declines as crude market tightens

Reuters  |  SINGAPORE 

By Henning Gloystein and Roslan KhasawnehSINGAPORE (Reuters) - The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared.Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude. That is half the number of ships in June and down from 40 tankers holding surplus fuel in mid-2017.The drop in floating storage ...

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First Published: Fri, November 10 2017. 16:02 IST