Press release
Key Insights of Oil Storage Market - 2024 : Top Players CST Industries, Inc., ZCL Composites Inc., Snyder Industries, Inc., Vopak, Denali Incorporated, LF Manufacturing, Superior Products
oil storage market
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Quite overtly, the tremendous volatility of oil prices has been the prime factor that has been driving industry players to invest in oil storage facilities. The increased hydrocarbon production from Iran, Nigeria, Libya and the prolonged demand-supply mismatch have critically affected international crude oil trade. For the record, in November 2017, domestic crude oil production recorded its highest level in the U.S. history. Moreover, the average annual OPEC crude price underwent a dramatic decline from USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017. This significant collapse of crude prices in the recent times has given a boost to the financial dynamics of this business space and has further attracted a plethora of development plans.
Citing an instance, one of the largest midstream oil & gas operators of Canada, Keyera has recently announced that it will be developing a crude oil storage terminal ‘Wildhorse’ in Cushing, Oklahoma. Keyera has been expanding its midstream infrastructure in the U.S., which is touted to be one of the largest crude oil storage & trading hubs in North America. It has been reported that the Wildhorse terminal will help Keyera in strengthening its footprints across the U.S. oil storage market, while providing the company with an extended crude oil value chain. Experts speculate that the move will offer the company ample opportunities to capture business & marketing margins across the U.S.
Oil Storage Market Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/oil-storage-market
Keyera’s new pipeline connections to the Wildhorse terminals will also provide its customers with access to a majority of the crude oil streams flowing cross Cushing. The new facility, according to reliable sources will be operational by mid-2020. If experts are to be believed, the oil storage development move has considerably augmented the U.S. oil storage market, which was pegged over 80 million cubic meters in 2017. U.S. has been one of the dominant growth grounds, with crude oil production from the unconventional oilfields accounting for more than half of the total crude oil output of U.S. in 2017. With further developments of unconventional oil & gas terminals in the region, estimates claim U.S. oil storage market to tread along a lucrative growth path in the years ahead.
Taking into account the overall debatable scenario of the crude oil industry, Russia is another prominent nation making forays into the oil storage market. Rigorous R&D activities pertaining to the development of oil & gas fields have significantly propelled Russia oil storage market to witness notable growth prospects. For the record, the country holds around 680 Tcf of reserves in Russian subsoil, of which 75% accounts for hydrates, 7% CBM, 15% tight gas, and 3% accounts for shale gas. The government of Russia has also been opening its domestic marketplace for global investors to develop their O&G projects. Analysts deem that with a mean daily output of 11 million barrels/day Russia will emerge as a rewarding oil storage hub in the following years. The region is also forecast to be a lucrative investment destination for oil storage market players, leading to phenomenal growth of the regional industry.
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Industry participants across the oil storage market include
• CST Industries, Inc.
• ZCL Composites Inc.
• Snyder Industries, Inc.
• Denali Incorporated
• LF Manufacturing
• Superior Products
• ERGIL
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