The largest ever oil surplus is set to hit markets in April 2020, with serious concerns about how to store excess oil. Roughly 7.2 billion barrels of crude oil and crude oil products are currently stored onshore and on floating vessels, meaning that only 1.7 billion barrels of onshore storage were available in March 2020. The source mentions that operational constraints would mean that these capacities would be filled up within just a few months.
Combined capacity of onshore and floating crude oil storage worldwide as of March 2020
(in billion barrels)
Characteristic
Capacity in billion barrels
Currently available storage capacity onshore
1.7
Currently used storage capacity onshore and floating
7.2
Combined storage capacity of active VLCCs
1.8
Combined storage capacity of smaller Suezmax and Aframax vessels
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Oil & Gas Middle East. (March 22, 2020). Combined capacity of onshore and floating crude oil storage worldwide as of March 2020 (in billion barrels) [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/statistics/457891/global-oil-storage-capacity/
Oil & Gas Middle East. "Combined capacity of onshore and floating crude oil storage worldwide as of March 2020 (in billion barrels)." Chart. March 22, 2020. Statista. Accessed November 23, 2024. https://www.statista.com/statistics/457891/global-oil-storage-capacity/
Oil & Gas Middle East. (2020). Combined capacity of onshore and floating crude oil storage worldwide as of March 2020 (in billion barrels). Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/457891/global-oil-storage-capacity/
Oil & Gas Middle East. "Combined Capacity of Onshore and Floating Crude Oil Storage Worldwide as of March 2020 (in Billion Barrels)." Statista, Statista Inc., 22 Mar 2020, https://www.statista.com/statistics/457891/global-oil-storage-capacity/
Oil & Gas Middle East, Combined capacity of onshore and floating crude oil storage worldwide as of March 2020 (in billion barrels) Statista, https://www.statista.com/statistics/457891/global-oil-storage-capacity/ (last visited November 23, 2024)
Combined capacity of onshore and floating crude oil storage worldwide as of March 2020 (in billion barrels) [Graph], Oil & Gas Middle East, March 22, 2020. [Online]. Available: https://www.statista.com/statistics/457891/global-oil-storage-capacity/
