Thursday, January 21, 2021

Tag: Tankers Straddle Waterway Off Singapore as Fuel Increasingly Hoarded at Sea Over Slump in Demand

Tankers Straddle Waterway Off Singapore as Fuel Increasingly Hoarded at Sea Over Slump in Demand

from Sputnik News:

Previous reports suggested a record amount of crude oil was being stored offshore in tankers after coronavirus lockdowns had forced refineries to suspend operations and demand for crude plummeted over protocols introduced by nations in an effort to slow the spread of the pandemic.

An increased number of oil tankers are congesting the Singapore Strait amid oversupply and a global slump in demand for crude triggered by the COVID-19 pandemic, reported Bloomberg.