Business Report: The world oil glut creates a traffic jam of sup - Hawaii News Now - KGMB and KHNL

Business Report: The world oil glut creates a traffic jam of supertankers

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HONOLULU (HawaiiNewsNow) -

The Reuters news service reports almost all of the more than 660 very large crude carriers in the world are used between the Middle East and the Far East. Reuters took a single day in April and plotted out the location of all the tankers. You can clearly see the path these supertankers follow.

In the Persian Gulf, there are 19 supertankers at the Iraqi port of Basra – the world’s largest fleet of these vessels was anchored at the main Iranian oil port in April waiting for the lifting of sanctions. There is also a traffic jam of 29 supertankers over the two ports of the United Arab Emirates.  When these supertankers are loaded, where do they go?

China, where you can see supertankers lined up at sea, waiting to be summed to the port of Qingdao. Some of the these vessels just sit there for weeks waiting to be called in. It’s worse in Singapore, where 11 supertankers sit permanently at sea as floating storage.

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