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Sellers Paying Buyers to Purchase Crude Making Latter to Invest in Oil Storage Facilities
In April 2020, the price of crude oil dipped to a record low as sellers paid buyers to accept immediate deliveries, saving on storage costs. The glut in supply of crude products has compelled oil & gas (O&G) majors to invest in oil storage facilities. Thus, COVID-19 has led to an unexpected windfall for prominent players in the oil storage market. The storage cost of crude oil has gone up, and suppliers are paying buyers for immediate delivery or aiming to store the resource for future trading opportunities.
Fixed Tanks Reduce Evaporation Loss And Remain Most Popular in Oil Storage Market
An oil storage tank primarily consists of vapors, organic, and non-organic liquids found in various industries. The American Petroleum Institute API-650 is the guideline followed to design and build storage tanks in the oil storage market. Fixed roof storage tanks are the preferred option for storing large volumes of petrochemicals. Fixed tanks comprise a cylindrical steel shell with a dome-shaped roof that is permanently attached to the tank, minimizing evaporation and corrosion loss. It is anticipated that the fixed oil storage tanks are likely to lead the oil storage market for the foreseeable future.
Massive Capacity Expansions Underway to Cope With COVID-19 Oil Supply Gluts
The big four players in the global oil storage market are China Petrochemical Corporation, Sinopec, Royal Vopak NV, and CNPC. In April 2020, Royal Vopak NV announced that the company had run out of oil storage facilities on account of the COVID-19 oil glut. The company has three hubs in Fujairah, Rotterdam, and Singapore. In the same year, Sinopec completed the construction of its 800,000 cu m oil storage unit in China’s Luoyang city. The company further aims to double storage capacity by June 2021. Other companies actively involved in the oil storage market are Vitol Tank Terminals, Oiltanking Gmbh, Kinder Morgan, PetroChina, Buckeye, Marathon, Enterprise Products Partners L.P., and Magellan Midstream Partners.
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Companies Should Diversify Investments as No Region Dominates Oil Storage Market
The MEA region is predicted to record significant growth in the oil storage market due to explosive demand coupled with investments in improving supply stocks. Oman has unveiled plans to build the world’s largest oil storage facility for crude traders and producers. In the APAC region, India aims to fill its strategic petroleum reserve (SPR). In 2020, India signed an MoU with the US for crude cooperation, including India potentially storing oil in American emergency stockpiles. In Europe, NWE Oil Storage includes several oil storage locations across Denmark, Norway, Germany, France, Ireland, Benelux, and the UK. There are more than 200 commercial terminals in the NWE region alone.
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