Oil Traders Drain Hidden Caribbean Hoards as OPEC Cuts Bite
- Millions of barrels removed from island storage terminals
- Lack of official data hides impact on global supply and demand
OPEC's Oil Rebalancing Plan Blocked by Supply Glut
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During the oil price rout, islands in the Caribbean were exhibit A for the longest-lasting glut in three decades, with millions of barrels stored there. Now, that oil is flowing again, a sign the market is rebalancing.
Since mid-February, between 10 million and 20 million barrels have left the Caribbean, according to estimates from traders who asked not to be named because their data is proprietary. The draw, hardly noticed by most in the market, reflects the impact of the output cuts orchestrated by OPEC and Russia.