US producers scramble for storage
Companies are looking at creative temporary solutions as capacity fills up
Warnings over a looming oil storage crisis have left producers rushing to find short-term fixes. Several ideas have emerged, and while there is some early evidence of a gradual market rebalancing as global lockdowns begin to be lifted, additional storage capacity is likely to be highly sought after in the near term. The US Strategic Petroleum Reserve (SPR) has featured prominently in efforts to provide producers with storage relief. An initial Department of Energy (DoE) plan to buy up to 30mn bl of crude for the SPR was cancelled after it failed to secure funding from Congress. A smaller plan for the purchase of up to 1mn bl from small and medium-sized US producers has since been unveiled. “
Also in this section
11 March 2026
De la Rey Venter, CEO of LNG player MidOcean Energy, discusses strategy, project developments and the prospects for the LNG market
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
