Abu Dhabi state energy giant Adnoc last year purchased a 10% stake in the oil storage firm VTTI (Vitol 45%, IFM Global Infrastructure Fund 45%, Adnoc 10%), which has 9.5mn m³ of storage capacity across the globe. At the time, the deal appeared a good opportunity to strengthen Adnoc’s trading ambitions (MEES, 9 August 2019), but with global inventories filling up at unprecedented rates, firms such as VTTI stand to turn a handsome profit in the coming months.