for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Commodities

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

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

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.

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

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up