Saudi Arabia has made good on its early-March promise to flood the world with oil, but with demand collapsing and storage filling fast, the world’s top oil exporter must now keep its unsold crude on supertankers at sea as no one is rushing to take delivery of oil they can’t process or store. Around the world, at least one in every ten very large crude carriers (VLCCs)–each capable of holding 2 million barrels of oil–currently acts as a floating storage, oil officials from Saudi Arabia told The Wall Street Journal this week. Many of the supertankers carry Saudi crude, and some of it is not sold yet. As buying interest in the oil industry is currently only focused on available storage capacity, not on crude oil, the early Saudi plan to go after its rivals’ market shares with aggressive price discounts and a fleet of more oil is backfiring […]