Key Highlights
- Global oil storage capacity is expected to grow from 5,296.9 mmbbl in 2016 to 5,600 mmbbl by 2020 at a growth rate of 5.7%.
- Five oil storage terminals have been announced since the previous report was published in August 2015. Six oil storage projects were canceled since the previous report.
- Asia will add the most oil storage capacity in the world (265.1 mmbbl) by 2020, followed by the Middle East with 124.9 mmbbl.
- Of all the companies in the world, Saudi Arabian Oil Company has the highest planned oil storage capacity by 2020, at 64.9 mmbbl. CNOOC Ltd is in second place with plans to add 62.9 mmbbl of oil storage capacity.
- In Asia, China has the highest planned capital expenditure to develop planned oil storage facilities by 2020, at US$6.0 billion.
- Fujian II terminal in China and Ulsan XIII in South Korea, will have the highest planned storage capacities in Asia by 2020, at 62.9 mmbbl each.
- Saudi Arabia and Oman have the highest planned oil storage capacity in the Middle East, with 62.9 mmbbl and 32.3 mmbbl, respectively.
GlobalData report code: GDGE0128MAR
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