Increased backwardation for both WTI and Brent, tight physical supply of oil, resilient demand despite Omicron concerns, rallying physical and future markets, growing geo-political tensions and the inability of some OPEC+ countries to increase production are the major drivers for the increasing oil price.
2020 witnessed a deep dip in crude oil prices following the COVID 19 global restrictions, work from home business models, limited travel and tourism. Following this, oil storage saw a steep demand for their services. However, as vaccinations rolled out, and restrictions were eased globally, demand for crude oil began surging but there is a strain on supply(owing to numerous reasons- geopolitical tensions, low investments since years, OPEC's output decisions, natural catastrophes, problems related to workforce and the like).
Almost all industry players(oil storage terminals) engage in the storage of various products ranging from natural gas to crude products to biofuels. This way, companies ensure diversification of activities and remain competitive. With the common understanding that fossil fuels have a long runway, and an energy growth forecast of 20% by 2040 oil storage remains a key service in the midstream sector.
The global oil storage market is classified into various market segments based on
1. The material of the storage tank--Steel storage tanks,Carbon Steel Storage tanks, Fiberglass reinforced Plastic storage tanks and Others.
2. The type of storage tank-- Open top tank, Fixed roof tank, Floating roof tank, and Others.
As of March 2021, the USA has reported 66,12,55,000 barrels of shell storage capacity for crude oil alone. When other residual fuel oils, propane, natural gas and the like are also considered, the USA has a recorded shell storage capacity of 1,92,33,53,000 barrels. According to EIA(Energy Information Administration), as of 14th Jan 2022, 413.8 million barrels of crude is stocked in the USA.
The IEA(International Energy Agency) forecasts greater oil production in 2022 and 2023 to profit from the current demand and rising oil prices. Many countries have fossil reserves and there is a sense of urgency as these nations race to extract oil and gas before the world transitions to renewables. In the midst of such a situation, global oil inventories could rise by 0.5 million barrels per day in 2022 to 0.6 million barrels per day in 2023. However, any future novel variant could slow the recovery in global oil consumption. So, watching out for GDPs of non-OECD countries whose economic growth translates to high oil consumption is crucial.
The new report from the publisher on Global Oil Storage Market comprehensively analyses the Oil Storage Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global Oil Storage Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Oil Storage Market, important commercial developments, trends, regions, and segments poised for fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Oil Storage Market size, demand forecast, and growth rates.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This section provides an assessment of COVID-19 impact on Oil Storage Market demand.
Using Porter's five forces framework, the report covers the assessment of the Oil Storage industry's state of competition and profitability.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a bespoke market segmentation to better align the research report with your requirements.
In addition, market size, demand forecast, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and Rest of North America
Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe
Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries
The study also discusses the strategies adopted by leading players in the industry.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
This product will be delivered within 5-7 business days.
2020 witnessed a deep dip in crude oil prices following the COVID 19 global restrictions, work from home business models, limited travel and tourism. Following this, oil storage saw a steep demand for their services. However, as vaccinations rolled out, and restrictions were eased globally, demand for crude oil began surging but there is a strain on supply(owing to numerous reasons- geopolitical tensions, low investments since years, OPEC's output decisions, natural catastrophes, problems related to workforce and the like).
Almost all industry players(oil storage terminals) engage in the storage of various products ranging from natural gas to crude products to biofuels. This way, companies ensure diversification of activities and remain competitive. With the common understanding that fossil fuels have a long runway, and an energy growth forecast of 20% by 2040 oil storage remains a key service in the midstream sector.
The global oil storage market is classified into various market segments based on
1. The material of the storage tank--Steel storage tanks,Carbon Steel Storage tanks, Fiberglass reinforced Plastic storage tanks and Others.
2. The type of storage tank-- Open top tank, Fixed roof tank, Floating roof tank, and Others.
As of March 2021, the USA has reported 66,12,55,000 barrels of shell storage capacity for crude oil alone. When other residual fuel oils, propane, natural gas and the like are also considered, the USA has a recorded shell storage capacity of 1,92,33,53,000 barrels. According to EIA(Energy Information Administration), as of 14th Jan 2022, 413.8 million barrels of crude is stocked in the USA.
The IEA(International Energy Agency) forecasts greater oil production in 2022 and 2023 to profit from the current demand and rising oil prices. Many countries have fossil reserves and there is a sense of urgency as these nations race to extract oil and gas before the world transitions to renewables. In the midst of such a situation, global oil inventories could rise by 0.5 million barrels per day in 2022 to 0.6 million barrels per day in 2023. However, any future novel variant could slow the recovery in global oil consumption. So, watching out for GDPs of non-OECD countries whose economic growth translates to high oil consumption is crucial.
The new report from the publisher on Global Oil Storage Market comprehensively analyses the Oil Storage Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global Oil Storage Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Oil Storage Market, important commercial developments, trends, regions, and segments poised for fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Oil Storage Market size, demand forecast, and growth rates.
What is covered in the report?
Oil Storage Market Drivers & Restraints
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
Oil Storage Market Analysis
This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.This section provides an assessment of COVID-19 impact on Oil Storage Market demand.
Oil Storage Market Size and Demand Forecast
The report provides Global Oil Storage Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.Oil Storage Market Industry Analysis
The report examines the critical elements of Oil Storage industry supply chain, its structure, and participantsUsing Porter's five forces framework, the report covers the assessment of the Oil Storage industry's state of competition and profitability.
Oil Storage Market Segmentation & Forecast
The report dissects the Global Oil Storage Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a bespoke market segmentation to better align the research report with your requirements.
Regional Market Analysis
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.In addition, market size, demand forecast, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and Rest of North America
Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe
Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries
Key Company Profiles
This report presents detailed profiles of Key companies in the Oil Storage industry. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.Competitive Landscape
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.The study also discusses the strategies adopted by leading players in the industry.
Executive Summary
Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
This product will be delivered within 5-7 business days.
Table of Contents
1. Executive Summary2. Research Scope and Methodology9. Conclusions and RecommendationsList of Tables & FiguresAbbreviationsAdditional NotesDisclaimer
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
