Oil Barrels at Sea Soar to Most Since 2023 as Supply Glut Looms
Oil tankers in the Pacific Ocean near Long Beach, California.
Photographer: Patrick T. Fallon/BloombergThe amount of oil on tankers plowing the world’s oceans climbed to the highest in more than two years, the latest indication of swelling global volumes ahead of a likely period of oversupply.
About 1.25 billion barrels of oil are currently at sea, according to Vortexa data, the highest since April 2023. Another analytics firm, Kpler, sees the same measure at the highest since June 2023, while a third, OilX, sees it at the highest since May last year.