Dozens of oil tankers have been parked off the coast of California for several days, Report says, citing RIA Novosti
Since last week, new vessels have been arriving in the water area. As of Thursday, April 23, 27 tankers anchored at the port of Long Beach. Port controllers and the military monitor the “unique situation” and ensure the safety of other vessels and the environment. According to the Wall Street Journal, due to the glut of the oil market, there is not enough space in onshore storage facilities. Traders have to rent tankers to store raw materials there. Malta and South Africa coats also experienced a similar situation.
The world’s oil storage facilities are filling up quickly due to falling demand amid the coronavirus pandemic. Last week, the US Department of Energy reported an increase in reserves to 518.6 million barrels.