<p>The COVID-19 pandemic has globally affected many industries and in particular the oil and gas industry. Refined products are largely oversupplied, and refiners are scrambling to store gasoline and jet fuel at sea, but tanker rates are increasing, and available storage is dwindling. With no place left to go, refiners are reducing output and in danger of shutting down. As onshore storage fills up, demand for floating storage is booming, with traders and producers stashing oil to deliver at a later date for a higher price.</p>
