15.01.2009 - Traders profit as ship-stored oil doubles
From FT Alphaville: Oil companies and traders are storing enough oil in supertankers to supply the world for one day, in one of the most striking signs of supply outstripping demand as the impact of the economic crisis overshadows a string of Opec production cuts, the FT reported. According to Deutsche Bank’s oil trading desk “over 80m barrels of oil is now on floating storage”, double the industry assessment of about 40m-50m last month...... Full Article: Source