The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and a change in the oil market structure, shipping sources told Reuters on Wednesday. According to data from IHS Markit, cited by Reuters, crude oil in floating storage dropped to below 150 million barrels by the end of June, from as high as 180 million barrels in April, when global oil demand crashed by 30 million barrels per day (bpd). The volume of refined oil products held at sea also dropped—to 50 million barrels, from a peak of nearly 75 million barrels in the middle of May, IHS Markit told Reuters. According to estimates from the International Energy Agency (IEA), floating storage of crude oil dropped in May by 6.4 million barrels to 165.8 million barrels, from its all-time high […]