Saudi Arabia Is Starting to Stockpile Oil Again - Bloomberg:
The key OPEC oil producers seem to be finding it harder than expected to sell their output overseas. The probable resulting build-up in their stockpiles should at least help them offset the drop in Iranian supplies as U.S. sanctions start to bite deeper.
Crude oil exports from the five Persian Gulf Arab members of OPEC fell by about 1.1 million barrels a day last month, after surging in June, according to Bloomberg tanker tracking.
Some of the spare barrels may have been used locally, either processed in refineries or burnt in power stations. But probably not as much as would have been the case in previous summers.
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