Bloomberg: Global oil in transit hits highest level since 2016 as supply surges

The volume of oil being shipped across the world’s oceans has surged to its highest level in nearly a decade, reflecting rising output from key producers worldwide.

According to data from Vortexa, the total amount of oil currently in transit has climbed to about 1.2 billion barrels, the highest since at least 2016, Bloomberg writes.

When vessels carrying oil but not moving are included, the total reaches its highest level since 2020, when a pandemic-driven collapse in demand forced traders to store excess crude on tankers of all sizes.

Global oil production is expected to keep increasing through the fourth quarter of 2025 and into early 2026, as supply grows both within and outside the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance agreed over the weekend to raise output further, though it stopped short of implementing a major production hike.

Analysts say the pace of supply growth is likely to outstrip demand in the coming months. However, China has helped absorb much of this year’s surplus by stockpiling crude. In September, the country’s oil inventories dropped by the most in seven months, according to OilX data — a sign that demand from the world’s largest importer could remain resilient.

By Sabina Mammadli