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Floating oil storage has dropped by one-third in 2017: OPEC source
May 15, 2017 / 3:37 AM / in 6 months

Floating oil storage has dropped by one-third in 2017: OPEC source

BEIJING (Reuters) - Global oil inventories in floating storage have declined by one-third since the start of the year, a source from the Organization of the Petroleum Exporting Countries told Reuters on Monday.

A worker walks down the stairs of an oil tank at Turkey's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. REUTERS/Umit Bektas

The drop in stockpiles is the latest sign that output cuts by major producers have helped deplete a global glut.

Reporting by Aizhu Chen; Writing by Josephine Mason; Editing by Christian Schmollinger

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