Global Glut of Oil

Untitled.jpgThe volume of oil in floating storage worldwide is 95 million barrels, the highest in years:

Oil Prices Continue Slide Through Busy Summer Driving Season

July 20, 2016 Original Source: Ron Bousso @ronbousso1 and Libby George Reuters via Downstream Today @Reuters

Oil traders counting on a price bump during the busy summer driving season are facing more disappointment as a seasonal increase in demand fails to make a dent in a massive global oil stockpile, much of it stored in ocean-going tankers that the industry refers to as “floating storage”.

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