Oil Glut In Asia Worsens ...Middle East

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Oil Glut In Asia Worsens
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The amount of oil held in floating storage at Asian ports is growing, with Iranian and Venezuelan crude cargoes earlier this month pushing Asian floating inventories to the highest in three months, according to data from energy intelligence provider Kpler, as quoted by Bloomberg. The glut follows China’s crackdown on independent refiners—the so-called teapots—which have come to account for a solid portion of total Chinese crude oil imports. This year, however, Beijing has targeted the independent refiners with tax evasion claims,…

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