More tankers could be used for storage in current market conditions, with Glencore said to have four VLCCs holding oil.

Bloomberg reported that the giant trader has stored oil at sea in vessels off Singapore and Malaysia, citing unidentified sources.

Glencore’s spokesperson declined to comment when contacted by TradeWinds earlier this morning.

Fearnleys’ analyst Jonathan Staubo said that storing oil at sea could make sense for companies now, at least in theory.

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