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
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
