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<blockquote data-quote="Babagounj" data-source="post: 1932324" data-attributes="member: 12952"><p><span style="font-size: 22px"><strong>Goldman eyes $20 oil as glut overwhelms storage sites </strong></span></p><p></p><p>It is estimated that at least 100m barrels are now being stored on tankers offshore, waiting for better prices. A queue of 39 vessels carrying 28m barrels is laid up outside the Texas port of Galveston, while the Iranians have a further 30m barrels offshore ready to sell as soon as sanctions are lifted.</p><p><img src="http://i.telegraph.co.uk/multimedia/archive/03505/oil_stocks_3505365a.PNG" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p>Data from the US Energy Department shows that America’s storage sites are 70pc full, in theory leaving room for another 150m barrels. But this is already tight enough to create regional bottlenecks. It will not be sufficient if OPEC continues to flood the global market in a bid to drive out rivals. Excess supply is running near 2m b/d.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 1932324, member: 12952"] [SIZE=6][B]Goldman eyes $20 oil as glut overwhelms storage sites [/B][/SIZE] It is estimated that at least 100m barrels are now being stored on tankers offshore, waiting for better prices. A queue of 39 vessels carrying 28m barrels is laid up outside the Texas port of Galveston, while the Iranians have a further 30m barrels offshore ready to sell as soon as sanctions are lifted. [IMG]http://i.telegraph.co.uk/multimedia/archive/03505/oil_stocks_3505365a.PNG[/IMG] Data from the US Energy Department shows that America’s storage sites are 70pc full, in theory leaving room for another 150m barrels. But this is already tight enough to create regional bottlenecks. It will not be sufficient if OPEC continues to flood the global market in a bid to drive out rivals. Excess supply is running near 2m b/d. [/QUOTE]
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