August 03, 2020 [Energy Infra Post] – Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say.
Fuel demand tumbled as much 30 per cent from March to May, with some surplus stored at sea as land storage filled up.
Crude held on tankers fell below 150 million barrels by the end of June, down from more than 180 million barrels in late April, IHS Markit estimated.
Refined products held on vessels dropped to 50 million barrels from a mid-May peak close to 75 million barrels, IHS said, adding gasoline stocks were the fastest to be offloaded.
“Volumes shown under floating storage can potentially drop rather fast during July,” Fotios Katsoulas of IHS said, adding there were several tankers off China waiting to discharge.
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