The value of global demand for oil storage in the entire oil value chain will increase at a CAGR of REDACTED over the next five years to reach REDACTED in 2023 (see summary table and summary figure). The global demand for oil storage has now become a key component in both the economic and political environments due to the volatility in crude oil prices. Oil storage stocks are usually distinguished by three different types: primary, secondary and tertiary stocks.
In all research carried out on oil storage, the last two types of stocks (i.e., secondary and tertiary) are usually ignored, and hence a lower volume of oil in storage is reported. However, this BCC Research report has included the secondary and tertiary stocks, and in addition, has also quantified the oil stocks that are in transit plying the seas, plus those held onboard moored very large crude carriers (VLCCs) and used as storage for floating storage of crude oil. The global oil storage market along the entire value chain is bifurcated on the basis of reserve type into strategic/emergency and commercial/private sectors.
The global demand for strategic petroleum reserves (SPR) will increase at a CAGR corresponding to REDACTED over the next five years, to reach REDACTED in 2023. Due to the key role played by petroleum in national energy security and the constant need for its availability in case of an emergency such as adverse weather or military operations, many countries across the world are currently developing strategic reserves.
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However, the United States, who was one of the first countries to establish a strategic/emergency reserve, is now selling its reserve. An indication of the dollar value of the strategic reserve can be inferred from the recent sale to China by the United States. In April 2017, for the first time in history, oil from the U.S. SPR was sold to China through the overseas trading arm of state-owned oil giant PetroChina, scooping up REDACTED for REDACTED. While this is not a massive purchase, it is unprecedented. Other prominent buyers of the U.S. SPR oil are BP, which has purchased REDACTED of oil priced at REDACTED, and Valero Marketing and Supply Co., which has purchased REDACTED priced at REDACTED.
The global demand commercial oil storage sector will increase at a CAGR corresponding to REDACTED over the next five years to reach REDACTED in 2023. It is normal practice for oil companies to build up stores of crude oil and refined products to carry out their activities, and also to meet expected changes in seasonal demand and as a buffer to any interruption of supplies. For instance, American refineries buildup stocks of winter heating oil during the summer and autumn, which are stored on barges. In 2014, barges on the Hudson River delivered 20 million barrels of oil or 70% of the home heating oil to the port areas of New York and Boston for onward distribution to retailers’ storage tanks and subsequent delivery to customers in the region. Commercial and private operators use oil storage facilities to either supply the market or to export their production.
Oil markets entered a phase of backwardation in 2018 (whereby the future price of oil is below the spot price), which does not encourage anyone to store oil, at sea or on land, until contango (whereby the future price of oil becomes above the spot price) returns on a more permanent basis. The so-called supercontango (future oil prices are higher than spot prices) occurred in 2015, which spurred producers and speculators to fill and anchor a record 132 oil tankers, as trading firms were able to hire the very large crude carrier (VLCC) vessels for less than $40,000 a day, compared to spot rates of $60,000 to $70,000 a day.
Chapter 1 presents the introduction. The study goal and objectives are identified and the reasons for doing the study are presented. It also provides the contribution of the study and for whom, the scope and format, methodology and intended audience. The credentials of the analyst are presented and the related BCC Research reports listed.
Chapter 2 presents the summary and highlights of the report, including a summary table and figure which present some key findings from the study.
Chapter 3 presents an overview of the oil storage industry. The overview puts the global oil storage in its proper context to generate an estimate that puts global crude and products stocks somewhere in the region of 9-10 billion barrels, and presents a brief history of the industry.
Chapter 4 presents the major trends that are impacting the oil storage market, including a description of the importance of the oil storage infrastructure in relation to the overall global energy economy.
Chapter 5 quantifies the demand for oil storage by type, including economic grouping, type of reserve, stock, market player, location in the infrastructure chain, geographic region and type of cluster. These are each quantified with global and regional forecasts made up to 2023.
Chapter 6 quantifies the demand for oil storage by product, including crude oil and refined oil, gravity and distillation fraction. These products are each quantified with global forecasts made up to 2023.
Chapter 7 presents the demand for oil storage by technology, covering a detailed analysis of the containment systems, including tank storage, cavern storage and on-water storage. It assesses and evaluates the containment technology by type with forecast to 2023. The technologically leading countries are assessed based on key technology areas.
Chapter 8 presents the demand for oil storage by end-use application, such as transport, industry, petrochemicals, residential/commercial/agriculture, electricity generation; as well as the management of volatility and price spikes in seasonal balancing, emergency, and security of supply. These are quantified with global forecasts made to 2023.
Chapter 9 analyzes the international scene and quantifies the global oil storage by economic grouping, broken down into geographic regions/countries for both commercial and strategic reserves.
Chapter 10 analyzes the structure of the storage industry, including the driving forces of the industry. Important strategies for staying competitive and important shifts in the industry are assessed. Trade practices of the industry and business, and the impact of storage on the petroleum and power industries are discussed. Concentration factors, company results and earnings, and changes are presented. Other aspects covered in this section include competition and market segmentation/fragmentation.
Chapter 11 presents and discusses the government environmental/energy regulation scene as it applies to the oil storage infrastructure and business, as well as the agencies involved, including industry compliance and quantification of economic effects, as the case may be.
Chapter 12 presents company profiles of companies involved in the oil storage infrastructure and business, with highlights of their major activities in the oil storage business, including the company name, address and telephone number.
– 119 data tables and 30 additional tables
– An overview of the global market for oil storage
– Analyses of global market trends, with data from 2017 to 2018, and projections of compound annual growth rates (CAGRs) through 2023
– Identification of applications of oil storage in petrochemicals, petroleum refining, residential and electric generation industry
– Coverage of the products such as crude oil, natural gas liquids (NGLs), ethane/LPG, naphtha, gasoline, gasoil/diesel and jet/kerosene
– Discussion of the advantages and disadvantages of oil storage and commercialization issues and opportunities of the industry
– Detailed profiles of major players in the industry, including Anadarko Petroleum Corp., Exxon Mobil Corp., General Electric Co., Kuwait Petroleum Corp., Oil and Natural Gas Corp. Ltd., Petrochina, Royal Dutch Shell Plc and Tetra Technologies Inc.
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