HKP a lot of stored oil has always been there, in refinery storage tanks, tank farms, pipelines, SPR's and full tankers afloat at any given time and would only be used in an emergency.
It's the amount stored over and above normal storage that counts as surplus and while its certainly above average it's not as great as one imagines....I believe China is still increasing its SPR while oil is cheap and probably other countries also, thats oil that is removed from the market...they plan to have 500Mmbbls of oil stored, its currently a bit over 100 Mmbbl's with current capacity of around 170Mmbbl's...it seems Japan leases land based storage in other countries for its security.
Cheers Whisky
Under the surface, page-8
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