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DJ Oil Stored in Tankers Making up for Asia's OPEC Shortfalls
DATE:2017-3-20  FROM:ZN  AUTHOR:ZN  DOWN:190
 
DJ Oil Stored in Tankers Making up for Asia's OPEC Shortfalls


Trades in Asia are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effort of drawing down bloated inventories, said research firm Mercatus Energy Advisors. “Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC’s goal of achieving a balanced market by mid-2017, ”the firm says. Latest shipping data from Thomas Reuters Eiken shows 6.8 million barrels crude were taken out of Malaysia in February and another 4.1 million and 1.2 million barrels stored in tankers were taken out of Singapore and Indonesia waters.

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