Supertankers drafted in to store glut of crude oil


Ships capable of carrying 2m barrels are charging $335,000 a day to store oil unwanted amid the Covid-19 pandemic

Giant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply which threatens to overwhelm the world’s storage facilities.

A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following the deepest fall in oil demand in 25 years due to the coronavirus pandemic.

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