Morgan Stanley: The Commodity Manual

23 May 2016: “Southeast Asia is getting worse with offshore volumes reaching the highest level in at least 5 years. According to Poten & Partners, ‘the volumes of oil stored at sea in South East Asia-predominately Singapore and Malaysia-appear to have increased significantly’. Remember that the Straits of Malacca, carry 15+ mmb/d of ~56 of world oil maritime trade – or ~27% of all seaborne oil – primarily from the Persian Gulf.”