• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 day US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 2 hours How many drilling sites are left in the Permian?
  • 3 hours "Undeniable" Shale Slowdown?
  • 9 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 2 days China To Promote Using Wind Energy To Power Heating
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 day Gas Flaring
  • 10 hours Case against Trans Mountain Begins
  • 2 days Climate Change Protests
  • 9 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 1 day Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 18 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Japan’s Deflation Mindset Could Be Contagious
  • 2 days Tax Credits for Energy Storage

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Oil Rebounds On Bullish Inventory Data

Oil prices recovered somewhat on…

Alt Text

Did Russia Just Call The End of The OPEC Deal?

OPEC and heavyweight Russia may…

Alt Text

Can Big Oil Win Back The Younger Generations?

Big oil is struggling to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Europe Is Awash With Oil Stored On Ships

While many analysts and agencies have already called the end of the global oil glut, oil held in floating storage in Europe is at an at least 18-month-high, also due to the booming U.S. oil exports that have displaced some of the traditional crude oil routes in the world.

Oil in ships around European shores was 12.9 million barrels on average in May, accounting for 26 percent of all global floating storage, and more than Asia-Pacific’s 9.7 million barrels of oil stored, according to estimates by oil analytics company Vortexa, as carried by Reuters.

In the two preceding months, March and April, the share of oil in floating storage in Europe accounted for 10 percent of the global storage, compared to 40 percent stored in the Asia-Pacific region. But in May, the volumes of oil held in Europe—including in the Mediterranean—exceeded the oil held off the Asia Pacific coasts for the first time since at least early 2015, according to Vortexa.

Consultant Kpler has estimated that there are some 17 million barrels of oil stored on ships in northwest Europe—the highest since at least the beginning of 2016.

Soaring U.S. exports have upended some traditional buying patterns, as China, India, and Indonesia have purchased more U.S. crude at the expense of African crude grades from OPEC members Nigeria and Angola, and of some Middle Eastern crudes.

On the other hand, U.S. crude oil exports to Europe have also been rising lately, as U.S. oil is increasing in popularity with European refiners, often at the expense of oil cargoes from OPEC nations and Russia. Related: China’s Surprising Move To Cut Solar Subsidies

The surge in U.S. production to record levels and the bottlenecks in parts of its biggest producing region, the Permian, have widened the WTI discount to Brent to more than $10 a barrel, up from $5 just two months ago. U.S. exports have also started to eat into OPEC’s market share on the prized Asian market.

This has left Nigerian and Angolan crudes sitting in storage off European coasts. According to Kpler, Nigerian crude oil floating in the North Sea is a particularly unusual occurrence.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News