Global crude oil stored and transported across the world’s oceans has surged to 1.2 billion barrels, the highest level in nine years, according to data from energy analytics firm Vortexa.If You’re Reading From Phoenix Click On Read Original at the top To Read Full News
The sharp rise reflects a growing imbalance between oil production and global consumption. Bloomberg reports that the amount of oil currently in transit is the largest since 2016, driven mainly by higher output from major oil-producing nations.
However, experts note that the surge doesn’t necessarily mean storage space on land has run out — much of the oil remains unsold, underscoring a temporary global supply glut.
When factoring in floating storage, total oil volumes at sea approach levels last seen in 2020, during the COVID-19 demand collapse.
Meanwhile, China — the world’s largest crude importer — is taking advantage of the oversupply. Since January 2025, the country has reportedly been adding nearly one million barrels per day to its strategic reserves.
Beijing is also expanding its onshore capacity, with 11 new tank farms under construction, expected to add 169 million barrels of storage between 2025 and 2026, according to Reuters.
Despite sluggish domestic demand, China continues to ramp up imports, leveraging the current low prices to secure long-term energy stability. Analysts say this stockpiling effort has helped absorb much of the year’s global oil surplus.
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