Permian crude driving storage expansion
North American crude output is exceeding storage capacity and driving a storage construction boom
The major trend in North American storage markets this year has been the focus on handling the continent's burgeoning crude oil production. It is in a unique position among the world's centres, with storage hubs in Asia-Pacific and Europe largely driven by market backwardation—when spot prices are above futures prices—and concerns over the implementation of the International Maritime Organisation's (IMO) stringent new sulphur regulations for maritime fuels. By August, crude oil storage volumes at the key price-setting hub of Cushing, Oklahoma, were up an extraordinary 83pc from August 2018 at 48.1mn bl, according to oil storage specialists at Genscape. It found that crude volumes stored alon
Also in this section
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
