Watching The World: Storing oil in Orkney

The UK’s Orkney Islands, which lie just a stone’s throw off Scotland’s northern end, seem far away indeed from any major contact with the global oil and gas industry. But that’s just an illusion.In fact, the Orkney Islands are playing a role, whether major or minor remains to be seen, in helping to stabilize the global price of oil these days.While the Organization of Petroleum Exporting Countries is trying to boost oil prices by implementing production cuts, its efforts are being stymied by inventories of 80 million bbl held on ships in the North Sea, the US Gulf of Mexico, the Mediterranean, off West Africa……and in the Orkney Islands, where a ship-t...

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