With Libya ramping up production to its highest level in four years and the U.S. continuing to pump at record levels, the amount of oil stored in tanker ships reached a 2017 high earlier in June.
And that number continues to grow.
The OPEC cutback has been all about balancing supply and demand, but at this juncture, it has had little effect.
And the storing of crude at sea is a sure sign the market is far from rebalancing.
The price of oil broke below $43 per barrel Tuesday morning, its lowest since November 14.
The impact of lower oil prices could now begin to weigh once again on the Canadian dollar, whose rally in recent days could be cut short.
And it could tighten the chokehold on the Alberta economy if oil, which has now officially entered a bear market, trends lower in the days to come.