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  • Oil stored at sea accelerates to jaw-dropping 250 million barrels

    Oil stored at sea accelerates to jaw-dropping 250 million barrels

    With demand dried up in the wake of the Russian-Saudi price war and now historic plunging prices extending through Tuesday, and little to do to give prices a short-term boost given lack of buyers in a flooded market, the kingdom has been forced to store much of its oil at sea.

    H/T: Zero Hedge

    "At least one in 10 supertankers around the world is serving as a floating oil storage facility, Saudi oil officials say," the WSJ reports.

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