NEWS

A glut of benchmark North Sea oil that’s been sitting on ocean-going tankers for weeks is starting to diminish.

Millions of barrels of the region’s unwanted crude have been stashed on oil tankers since the coronavirus caused a demand collapse. But now the volumes are starting to shrink sharply, data compiled by Bloomberg show. Anchored on vessels everywhere from the U.K., to France and the Netherlands, the floating hoard reached 12 million barrels at the end of May. That figure has now dropped by 35%.

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