Global oil at sea climbs to a record as production surges

Dubai: The amount of oil sailing the world's oceans on tankers jumped again as production from key producers is ramping up around the globe.

The total amount of oil in transit climbed to the 1.2 billion barrels, according to Vortexa data, the highest since at least 2016. If ships carrying oil but not moving are added, the figure is the highest since 2020, when a global pandemic ravaged demand and traders stored barrels on everything from giant supertankers to tiny barges.

Global oil supplies are expected to continue rising in the fourth quarter and into the start of 2026 as output grows both inside and outside of the Organization of the Petroleum Exporting Countries and most market watchers expect the increases will outpace demand growth. The OPEC+ producer group agreed on an extra boost to output over the weekend, but held off from making any super-sized increase.

So far, much of the oversupply in crude this year has been absorbed by China, which has been hoarding barrels since the start of 2025. In September, the nation's crude stockpiles fell by the most in seven months, according to OilX data, offering a sign that there could be scope for more demand.