This lonely drifting tanker carrying 2 million barrels nobody wants to buy sums up global oil’s struggle

If a single ship can capture the current state of the global oil, it’s the supertanker Saiq, floating idly about 850 kilometres south of the Canary Islands. Until a few days ago, the 330-meter-long tanker, chartered by Royal Dutch Shell, was steaming at 13 knots toward the Chinese port of Tianjin after loading a two-million-barrel cargo of North Sea oil at the Hound Point terminal near Edinburgh. Then, it suddenly stopped in the middle of the Atlantic Ocean, according to ship-tracking data compiled by Bloomberg. -- More...