Global storage not tanked up enough
World commercial oil inventories continued their declining trend over the past year. Oil storage owners face a mixed market
In this article, PE looks at the evolution of storage trends in the industry. Part I of II. Regional trends across the globe are uneven, with supply bottlenecks increasing storage demand in some areas, while other markets are flat to lower. With oil markets expected to remain in backwardation, trader demand for storage is expected to remain lacklustre through 2019. According to the International Energy Agency (IEA), commercial oil inventories in rich countries, which peaked at the end of 2016, continue to draw. The IEA estimates that the second quarter saw a commercial year-on-year stock draw of 253m barrels, falling by 7.2m barrels in June from May for the eighth decline in 11 months. At th
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
