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Supertankers Store 50m Barrels of Oil

Maritime Activity Reports, Inc.

January 5, 2009

According to a Dec. 15 report from Financial Times, oil companies and traders are storing at least 50 million barrels of oil in supertankers in a clear sign of supply outstripping demand as the global economy slows. The current floating storage is enough to meet France’s oil imports for a month and the biggest since late 2001. Storing oil in tankers is unusual as it is significantly more expensive than inland.

(Source: Financial Times)

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