Oil companies and traders are storing at least 50,000,000 barrels of Crude Oil in supertankers, a clear sign of supply way over demand as the global economy slumps. The surge in floating storage the biggest since late 2001, is likely to push OPEC, which is due to meet on Wednesday in Oran, Algeria, to make a deeper production cut to reduce stocks. Storing Crude Oil in tankers is unusual as it is significantly more expensive than inland.
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