Rotterdam, the biggest port in Europe, is running out of space to store crude oil as tanker deliveries continue to pour in faster than the oil is moved on to local refineries.
As a result, tankers are being diverted from the port, which also serves as Europe’s largest oil-refining centre. Other ships are waiting outside the harbour until storage space for crude becomes available.
About 75 million barrels of oil can be stored at Rotterdam’s port facilities – roughly five days of supply for the 27-nation EU. Even so, “a lot of tanks are fully loaded”, Jeroen Kortsmit, the manager for commercial affairs at the Dutch maritime information provider Royal Dirkzwager, told Bloomberg.
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