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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
