Oil’s Long-Awaited Surplus Arrives on Billion-Barrel Flotilla
“For the last 12 months we’ve all known that there’s this surplus that’s coming.”
Photographer: Lauryn Ishak/Bloomberg
The best place to observe the shift taking place in global oil markets is at sea.
More than 1 billion barrels have been amassed on the world’s tanker fleet, according to consultant Vortexa Ltd. It’s the biggest flotilla of oil on the water since 2020, when a price war between Saudi Arabia and Russia flooded the market during the Covid-19 pandemic.