A pile up of tankers waiting in the North Sea suggests a glut is building again in the market where benchmark crude is traded, highlighting the task facing OPEC as it seeks to rein in a global glut.
At least 10 tankers are at or near two locations off the U.K. coast where they must wait to transfer their cargoes, according to vessel-tracking information compiled by Bloomberg. It is rare for more than one or two tankers to remain at the sites — England’s Southwold and Scotland’s Scapa Flow — for multiple days, historical data show. The current increase is also happening amid seasonal work at the U.K.’s largest oil field.
