While oil prices have jumped about 50% in recent weeks, there appears to be no real reason for the move other than pure speculation and billion-dollar market cash infusions from unknown plunge protection teams.

But as the mainstream media continues to tout non-existent reduction agreements between oil producing nations, the following evidence suggests that the world remains awash in oil, so much so that there is no space to store it… anywhere on earth.

The following report from Zero Hedge explains just how much oil is currently sitting in limbo while suppliers try to figure out what to do with it:

Last week we revealed what we thought was a "shocking photo" of nearly 30 oil tankers caught in a traffic jam off the Iraqi coast, an indication of just how much excess oil is currently parked offshore.