Dec 11, 2017   SOURCE: BusinessWire

Oil and Gas Storage Market Procurement Research – Market Trends and Spend Analysis by SpendEdge

Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Oil and Gas Storage Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the utilities industry. This report breaks down the data and analysis behind the procurement of oil and gas storage solutions and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Oil and Gas Storage Procurement Market Intelligence Report (Graphic: Business Wire)

Global Oil and Gas Storage Procurement Market Intelligence Report (Graphic: Business Wire)

“The increase in demand for oil storage facilities can be attributed to the crude oil glut that was being experienced by the market since the end of 2014 which led to the drop in crude oil prices motivating refineries to increase production,” says SpendEdge procurement analyst A Kowshik. “Suppliers are implementing improvements at their facilities such as incorporation of advanced technologies that could potentially increase the speed of operations and enhance safety,” added Kowshik.

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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Oil and Gas Storage Market:

  • The rise in investments by institutional investors in oil and gas storage facilities.
  • The decline in dependence on floating oil storage.
  • The rise in vacant SPR capacities worldwide.

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The rise in investments by institutional investors in oil and gas storage facilities:

Institutional investors such as banks are increasingly investing in oil and gas storage facilities like storage tank terminals this can be attributed to the fair performance of oil storage companies which facilitate an attractive investment option for such investors. Also, these investments help suppliers in upgrading and setting up new storage facilities, and buyers can benefit from the availability of state-of-the-art storage units and greater options.

The decline in dependence on floating oil storage:

Floating oil storage refers to the temporary storage of oil in tankers at sea. There is a drop in the use of floating oil tanks due to the relatively low profits when compared with regular onshore storage. Moreover, suppliers of natural gas and oil are trying to clear their inventories due to rise in oil and gas prices. Also, there is an ample availability of normal onshore storage, which is affecting the demand for floating oil storage.

The rise in vacant SPR capacities worldwide:

Major oil importers across geographies, such as China and India, to increase their SPRs owing to the low oil prices. The rise in SPR capacities will help these countries mitigate the effect of future petroleum supply disruptions and price fluctuations. Moreover, the buyers in this market can utilize excess storage capacities at SPR facilities to store the oil at cost-effective rates.

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