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Oil traders draining key storage hub as demand booms

Crude demand is now seasonally outstripping supply, tightening the physical market for some crude varieties


OIL traders are emptying one of the world's largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and Organization of the Petroleum Exporting Countries (Opec) production cuts.

Total SA, Vitol Group

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