(EnergyAsia, December 26, Friday) — Weak oil prices and a rising supply glut has given companies and governments an opportunity to build up oil stockpile around the world. With oil trading at around US$35 a barrel, the lowest in more than four years, companies have chartered tankers to stock up more than 50 million barrels of crude oil.

Traders reckon that some 25 super tankers, with the capacity to store up two million barrels each, are being used as floating storage terminals.

Oil prices have fallen from their peak of more than $147 per barrel in July, with some analysts expecting a further decline to $20 next year.