Oil’s Billion-Barrel Sea Surplus Expands as Output Swells
An oil tanker is escorted by a tugboat on the Strait of Juan de Fuca between Washington State and British Columbia, near Victoria, British Columbia.
Photographer: James MacDonald/BloombergA flotilla of crude oil on the world’s oceans expanded to a fresh high as producer nations keep adding barrels and the tankers sail further for deliveries.
A total of 1.24 billion barrels of crude and condensate, a light form of oil recovered from gas fields, was moving on tankers in the week to Oct. 17, according to data from analytics firm Vortexa. That was up from a revised 1.22 billion barrels a week earlier.