Fewer floating oil storages off Singapore

There are now far fewer tanker vessels floating off the coast of Singapore serving as floating oil storages, and volumes have dropped to the lowest level since 2016, reports Bloomberg.

Photo: Euronav

The floating oil storages, which periodically pile up especially in the Malacca Strait off the coast of Singapore, have dwindled in number over the last couple of months.

While some 30 million barrels of oil were stored on vessels in May, according to Bloomberg, only 8.1 million barrels were stowed away on floating storages in September. This marks the lowest level since August 2016.

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