Cushing is just about full. However, Cushing is not world oil. Problems with Cushing as a world benchmark: it is not indicative of world market prices [West Texas Intermediate is at a big discount to Brent as Cushing oil cannot be piped to a tanker port] and a lot of what is filling the tanks in Cushing is Canadian crud crude that many midwestern refiners have a problem processing.
Any spare capacity of the Saudis is likely Arab crud crude. What is not being produced due to the Libyan fiasco is the light sweet crude that Italian refineries are set up to process. Oil is only fungible to a point. Sleep well
“Sleep well” Yes, I am sleeping much better as I am getting so much more exercise by not driving my car any more for short market trips. I did not know that Cushing was mostly Canadian crud. Is that Canadian tar sands? Where does the West Texas Intermediate go, or is it played out?