Russian oil giant, Gazprom, announced that it will continue production even if oil drops to $15 a barrel
Posted on | December 21, 2015 | 1 Comment

В «Газпром нефти» сохранят добычу при цене в $15
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December 21st, 2015 @ 2:03 pm
Where are they going to store it after they get it out of the ground? Keep the production up, it’s good for us but bad for the industry as a whole.
In the US, storage capacity is full on land, and we are turning to using oil tankers (ships). Just look at the Gulf of Mexico outside of Galveston Bay, there are 34 oil tankers that are anchored and all are full. Last week 4 tankers headed for the US were turned around and told to drive around in circles until the price come back up.
Check out this, and count how many tankers are anchored around the oil refinery ports.
https://www.marinetraffic.com/en/