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Oil Tankers Piling Up in North Sea Show Glut Facing OPEC

  • At least 10 vessels near U.K. ship-to-ship transfer sites
  • Oversupply continues to loom as OPEC seeks to limit ouput
Bloomberg business news

Goldman's Currie: Oil Market Years Off From 'Bull State'

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A pile up of tankers waiting in the North Sea suggests a glut is building again in the market where benchmark crude is traded, highlighting the task facing OPEC as it seeks to rein in a global glut.

At least 10 tankers are at or near two locations off the U.K. coast where they must wait to transfer their cargoes, according to vessel-tracking information compiled by Bloomberg. It is rare for more than one or two tankers to remain at the sites -- England’s Southwold and Scotland’s Scapa Flow -- for multiple days, historical data show. The current increase is also happening amid seasonal work at the U.K.’s largest oil field.