As demand for oil shrinks amid a global economic shutdown, the resulting supply glut is stretching global storage capacity to its limits, forcing producers to turn to supertankers as backups. The ...

SINGAPORE (Reuters) - It may be the world's biggest traffic jam. As ports struggle to cope with a global oil glut, huge queues of supertankers have formed in some of the world's busiest sea lanes, ...

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude. Reliance ...

A record 48 oil supertankers are making their way to the US, Bloomberg reported. US crude oil production and exports are booming, while OPEC+ countries have curbed oil supply. US oil exports hit 3.99 ...

Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the ...

The world’s top oil traders have been chartering dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled. Trafigura has chartered 12 very large crude ...

(Bloomberg) -- With US crude increasingly leaving American shores on oversized supertankers, private equity backed Sentinel Midstream LLC is looking to get in on the action, bringing its new ...

The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said. A combination of surging ...

As Middle East oil producers drive prices lower and make life difficult for the U.S. fracking industry, one clear winner is emerging: China. The world's second-largest economy become the top oil ...

BEIJING (AP) — A group of state-owned Chinese shipping companies have placed a $4.5 billion order for 50 supertankers, throwing a financial lifeline to China’s struggling shipbuilders, a newspaper ...

The benchmark daily rate for oil supertankers neared $40,000 on Wednesday, according to Bloomberg data. That marks the highest rate since June 2020 and comes amid a surge in crude exports from the ...