More than 20 Oil Tankers Stopped off the Coast of California
OREANDA-NEWS. Dozens of oil tankers have been standing off the coast of California for several days. This is reported by the US Coast Guard.
Since last week, new vessels have arrived in that area. According to data of 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 ships and the environment, the report says.
According to The Wall Street Journal, due to the glut on the oil market, land-based storage facilities are running out of space. Traders have to rent tankers to store fuel. A similar situation is observed off the coast of Malta and South Africa. Oil storage facilities are rapidly filling up due to falling demand amid the coronavirus epidemic. Last week, the US Department of Energy announced an increase in reserves to 518.6 million barrels.