A number of tankers have gathered around Malta storing oil until prices recover, according to a Reuters report.

According to data obtained, there is enough oil stored to supply Malta for nearly three years - though there is no reference to the potential danger of an oil slick.

About six crude oil tankers, 20 oil product tankers and four liquefied natural gas tankers are floating off Malta, the highest density of anchored tankers outside ports in the world, according to AIS Live ship tracking data on Reuters.

The report says that the shallow water, mild weather and the sheltered central Mediterranean location is becoming a haven for tankers hired by oil and gas firms to exploit the market structure caused by the biggest fall in global oil demand in about 20 years, amid economic slowdown.

That means at least 20 million barrels of oil, or about a quarter of the world's daily demand, are on the seas around Malta.

"The ships have to float somewhere where they can get supplies, and they have to shelter somewhere," said one oil trader, whose company has stored some oil in tankers.

More ships, including crude tankers, are likely to arrive to seek shelter off Malta for a relatively long period of time until winter heating demand picks up and draws some oil from the tankers, traders said.

Malta's total daily oil use is about 19,000 barrels a day or 0.2 percent of US gasoline consumption.

None of the local authorities could be contacted last night to confirm the report.