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Shell books 4th VLCC for storage in US Gulf

Reuters UK

Shell books 4th VLCC for storage in US Gulf-brokers

Mon Dec 15, 2008 4:55pm GMT

LONDON, Dec 15 (Reuters) – Oil major Royal Dutch Shell (RDSa.L: QuoteProfile,Research) has a booked a fourth supertanker to store crude oil in the U.S. Gulf, ship brokers said on Monday.

Brokers said Shell had booked the Leo Glory from West Africa to the U.S. Gulf loading on Jan. 12-13, with an option to store for 60 to 90 days at a rate of $85,000 a day.

Speaking in Oran, Algeria, the OPEC President Chakib Khelil said storage at sea may have swelled to a day’s worth of world production. He said that according to some sources crude oil around the world may have ballooned to some 86 million barrels.

The estimate is twice the figure so far reported by ship industry and oil trading sources [ID:nLC675700].

(Reporting by Stefano Ambrogi, editing by Anthony Barker) 

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