Whether you are urgently looking for oil storage or would like to follow the events taking place during the current contango situation, TankTerminals.com has got you covered.
On this page you will find 2 types of helpful resources to help you make the most out this situation.
1) Direct Assistance to Find Tank Storage – Tell Us About your Current Tank Storage Needs
1.1) Watch this video how to find storage in our 5,100 tank terminal database
1.2) After watching the video, you can book a call with us to show you how to instantly get access to the information you need
Click on the button and register to get instant access to a database of 5,100 tank terminals worldwide
No, we do not provide brokering services. Yes, we do provide data to find tank storage facilities
2) Breaking News About The Oil Glut Situation
2.1) Read the most recent news as they happen
2.2) Ordered from most recent to oldest
April 10, 2020
North American Oil Tanks To Be Topped Off In 4-6 Weeks – Alberta Premier
The gap in oil demand and supply as a result of the novel coronavirus (COVID-19) pandemic and the Saudi-Russia oil price dispute has North American inventory at critically high levels, Alberta Premier Jason Kenney told reporters on Thursday. Read more…
OPEC Talks to Cut Oil Production Disappoint Traders
The Organization of the Petroleum Exporting Countries and other countries including Russia reached a tentative agreement on Thursday to temporarily cut large volumes of production, according to a person with knowledge of the matter. Read more…
April 09, 2020
Oil Storage at Asian Hub just Got Pricey, If You Snagged Space
The cost of storing fuels at the Asian hub of Singapore has surged as onshore tanks rapidly swell to near capacity amid crashing demand for everything from diesel to gasoline due to the coronavirus. Read more…
Fujairah Data: Fuel Stocks for Marine, Power Generation Climb to All-Time High
Fuel stockpiles used by shippers and for power generation jumped to a record high on Monday at the Port of Fujairah in the UAE, the strongest sign yet of dwindling storage space for oil products in the region as demand evaporates due to the coronavirus pandemic. Read more…
Saudi Aramco Will Earn $74bln in 2020: Report
State-owned oil operator Saudi Aramco, the world’s largest hydrocarbon company, will net around 277 billion Saudi riyals ($74 billion) in 2020, a local investment firm has said. Read more…
European Refiners Leave Oil Cargoes on Water as Storage Tanks Fill – Data, Sources
A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes, turning them into de facto floating storage, according to shipping data and trading sources. Read more…
OPEC+ Deal Won’t Solve The Oil Storage Crisis
It was going to be a reasonably good year for oil. OPEC+ would continue to keep a lid on production to keep prices above dangerous levels, and U.S. shale would continue to expand. Read more…
April 08, 2020
Strategic Fuel Fund Has No Spare Storage Capacity to Lease Out
The Strategic Fuel Fund Association (SFF), which manages the crude oil storage facilities in Saldanha Bay, has no spare capacity to lease out, Strategic Fuel Fund chief operating officer Mfano Nkutha said yesterday. Read more…
Mexico Refuses to Cut Oil Output and Is Running Up Huge Losses
Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened. Read more…
Petroleum Stockpiles Surge as Demand Collapses with Coronavirus Shutdowns
Crude and gasoline stockpiles soared last week as the near shutdown of the economy sent demand for petroleum plummeting. Read more…
Saudi Fund Takes Stakes in European Oil Companies
Saudi Arabia’s sovereign-wealth fund has amassed stakes worth roughly $1 billion in four major European oil companies, according to people familiar with the matter, buying assets it perceives as undervalued in a market depressed by the coronavirus pandemic and low oil prices. Read more…
April 07, 2020
S. Korea to Lease State Fuel Space to Refiners to Store Surplus Oil
South Korea, taking cue from the United States, will share its Strategic Petroleum Reserve (SPR) storages with refiners to ease the supply glut amid plummeting demand from the coronavirus pandemic. Read more…
Oil Prices Plunge After Recent Gains
Oil recorded its first loss in three days on signals that a glut is growing at America’s biggest storage depot, and concern that an upcoming meeting among producers won’t yield large enough production cuts to offset cratering demand. Read more…
April 06, 2020
Clean Products Storage Fills in Panama, Bahamas
Storage hubs in the Caribbean and central America are filling up with clean products, as the world’s shrinking demand for fuel creates a growing surplus of products seeking a home. Read more…
Oil Ground Zero: Running Out of Storage
In recent days, the Donald J. Trump administration appears to have been sending mixed messages about oil. Read more…
Is Crude Oil Storage on Vessels the Answer?
As demand for crude oil falls and storage tanks around the world fill up, is storing crude oil on vessels really the answer? Read more…
Dialog, MISC Seen to Benefit as Storage Becomes Issue Amid Oil Glut
It has been a month since Russia and Saudi Arabia parted ways in an oil meeting and decided to go for an oil attrition war, with huge repercussions across the energy sector. Read more…
April 05, 2020
How Saudi Arabia Can Save the Global Oil Industry
U.S. oil producers may soon have access to federal oil storage space to alleviate the glut that is threatening to overwhelm existing private storage capacity. Read more…
Phillips 66’s Gray Oak Pipeline Opens Up Storage Amid Oil Glut
Phillips 66 Partners LP will offer shippers storage on its Gray Oak crude oil pipeline system in Texas because of an urgent need for tank space, the company said on Friday, as an oil glut in the United States worsens from a sharp falloff in fuel demand. Read more…
April 03, 2020
Saldanha Oil Tanks Off Limits to Many as Market Floods
Oil tanks at one of the world’s largest storage hubs are filling up fast, reported people familiar with the matter, depriving many traders of vital capacity just as the market has been hit by a historic flood of crude. Read more…
CRUDE MOC: OPEC+ Call for Meeting Lifts Middle East Crude From Deep Lows
Values for cash Dubai and Oman crude contracts rose from record lows Friday, amid calls for an extraordinary meeting by OPEC+ members to address multi-year low oil prices and excess global oil production. Read more…
April 02, 2020
Asian Refiners Call on Saudi to Cut Oil Prices Further in May
Asian refiners have called on Saudi Arabia to slash the official selling prices (OSP) of its crude for a third straight month in May, after Middle East benchmarks and refining margins dropped amid ample supplies and lower demand due to the coronavirus. Read more…
Traders Eyeing Rail Cars for Oil Storage
Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels. Read more…
What Happens If The World Runs Out Of Oil Storage?
It was only a matter of time, really. With demand decimated by the coronavirus and Saudi Arabia on the oil warpath, the imbalance between oil supply and demand deepened dramatically, raising the question of what happens when the world’s oil tanks and tankers fill up. Read more…
UPDATE 2-Saudi Oil Supply Hits Record High Despite U.S. Pressure – Sources
On Thursday Morning, President Trump announced that he spoke with the Saudis who spoke with the Russians, and that they planned to cut at least 10 million barrels of oil production. Read more…
Fujairah Storage Nears Capacity
Crude and oil product storage is filling up fast in the Middle East’s hub of Fujairah, UAE, because of lack of demand caused by the coronavirus pandemic. Read more…
6 Questions About Trump’s Oil Deal Announcement With Russia And Saudi Arabia
On Thursday Morning, President Trump announced that he spoke with the Saudis who spoke with the Russians, and that they planned to cut at least 10 million barrels of oil production. Read more…
April 01, 2020
U.S. To Rent Out Federal Storage Space To Oil Industry
U.S. oil producers may soon have access to federal oil storage space to alleviate the glut that is threatening to overwhelm existing private storage capacity. Read more…
Trump Says Russia and Saudi Arabia Are Discussing End to Oil Price War, Will Intervene ‘At the Appropriate Time’
President Donald Trump said Russia and Saudi Arabia are in discussions over how to end the oil price war that has undermined global markets and pushed American producers to the brink of bankruptcy. Read more…
Saudi-Russia Oil Price War: Will It Script the End of Opec?
As is customary, Opec is supposed to reach its 60th year this year, and perhaps it will not celebrate this event as expected, this year. Read more…
March 31, 2020
Oil’s Apocalyptic April Could Reverberate for Years to Come
Analysts see oil demand falling by 15-22 million b/d in April. This will likely be an industry game-changer, Goldman says. Read more…
Why Oil Stocks Are Bouncing Back Today
Shale drillers in the U.S. are considering drastic actions to combat crashing crude prices. Read more…
March 30, 2020
Oil Tanker Rates Double as Demand for Storage and Transport Resurfaces
Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said. Read more…
Crude Falls On Demand Concerns Amid Lockdowns
WTI crude oil futures are off ~6%, faring better then Brent which is down ~8%, as heightened fears that the global coronavirus shutdown could last months and demand for fuel could further decline in an oversupplied market. Read more…
Oil Prices at 17-Year Lows as Virus Ravages World
Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. Read more…
March 29, 2020
The Big Question Facing the Oil Industry Is When Will Demand Come Back
Estimates of demand decline are progressively more pessimistic, as the pandemic spreads. Read more…
After Oil Price Crash, Russia Looks for OPEC Deal
After a 3-week energy standoff between Saudi Arabia and Russia that resulted in a 45% drop in the price of crude oil, Russian officials were reportedly looking to establish another OPEC+ deal to balance oil markets. Read more…
March 27, 2020
Falling Latam Fuel Demand Leaves U.S. Refiners Without Favored Export Customers
Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. Read more…
March 26, 2020
The World Is Running Out of Places to Store Its Oil
A chaotic mismatch between the supply and demand for oil is saturating the world’s ability to store it all. Read more…
Even a Saudi-Russia Truce Would Be Too Late to Save OPEC+ Legacy
Even if Riyadh and Moscow ended their fight for oil-market share now, everything they achieved together over three years of OPEC+ would still go up in smoke. Read more…
Goldman Sachs: Prepare For A Massive Oil Demand Shock
Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. Read more…
March 25, 2020
Oil Tanks Are So Full That Traders May Stow It on Pipe Networks
The glut of U.S. oil is growing so fast that at least one pipeline owner is concerned wily traders may try to stow away crude on its network until prices improve. Read more…
Iran Is Preparing For An Oil Export Boom
In the current straitened sanctions period, Iran’s focus in its oil sector is broadly to increase the capacity of its fields in West Karoun and from the huge fields that it shares with Iraq. Read more…
CRUDE MOC: Traders Buy All Four Crude Offers in MOC, Likely for Storage
Traders of Middle East sour crude emerged from the sidelines to buy all four cargoes offered in the Platts Market on Close assessment process in Asia Wednesday, picking up several million barrels. Read more…
March 24, 2020
Latin America’s Oil Producers Sweat to Cover Costs as Price War Takes Toll
A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting the chances of output cuts and investment delays in the coming months. Read more…
Traders Look to South Africa’s Saldanha Bay for Crude Storage as Supply Glut Looms
As Saudi Arabia and Russia — and even U.S. shale producers — pump more oil than the world needs, the price for crude is dropping while the price for storing all that excess oil is rising. Read more…
Global Oil Storage Capacity Shrinks Amid Supply Glut
As Saudi Arabia and Russia — and even U.S. shale producers — pump more oil than the world needs, the price for crude is dropping while the price for storing all that excess oil is rising. Read more…
March 23, 2020
Oil Prices Won’t Go Negative, An Analysis Of Crude Storage Capability
As investors reach their point of maximum panic, new articles are published about bearish oil price scenarios daily. One of the ones that caught my eye was a discussion about potential negative oil prices. Read more…
More Oil Moves Into Storage
The U.S. Department of Energy (DOE) is to fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-produced crude oil. Read more…
World Running Out of Oil Storage Space Says Rystad
As oil prices continue to fall, the largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd) says Norway-based analyst Rystad Energy. Read more…
Saudi Arabia’s Radical New Oil Strategy
Although Saudi Arabia’s recent decision to hike oil production coincided with the broader COVID-19 crisis, it reflects a broader and more fundamental strategic shift led by Crown Prince Mohammed bin Salman. With a global clean-energy transition inevitable, MBS is desperate to cash out while the Kingdom still can. Read more…
Glut of Jet Fuel Is on Brink of Overwhelming Global Storage
The world is close to running out of space to store all the fuel that jets are no longer burning. Read more…
Oil to Outstrip Storage Infrastructure Within Months
The surge in world oil production that has followed the failure of OPEC+ members to reach a consensus on further supply constraints at their 5 March meeting in Vienna is likely to mean that storage capacity for crude oil and products will run out in months. Read more…
March 22, 2020
UPDATE 1-Russia Blames Gulf Nations for Oil Crash -TASS
Russia did not seek an end to cooperation with OPEC or a sharp drop in oil prices, a senior Russian official told the TASS news agency, saying the Gulf nations are to blame for the crisis on global oil markets. Read more…
March 20, 2020
The US Strategic Petroleum Reserve: What You Should Know
Oil prices pulled back steeply to an 18-year low Wednesday, settling the session at $20.37, although the commodity has made a modest recovery since then. Read more…
Tanker Rates Explode As Markets Brace For Record Oil Glut
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd). Read more…
Asia Refiners Eye More Run Cuts as Fuel-Making Losses Deepen
From multi-billion dollar mega complexes to simple distillation plants, Asian oil refiners are preparing for deeper operation cuts due to mounting losses from making fuel in an already oversupplied market. Read more…
Invest in Crude Oil Storage Tanks. There is No Place to Put the Commodity
Oil prices are heading towards sub-zero temperatures. Forget $20 a barrel. How about producers pay oil traders to unload stock from exporters’ inventories. Read more…
Oil Tankers Drop Anchor as Traders See Profit in Price Rout
Oil tankers starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge. Read more…
Saudi Arabia Just Won Control of the Oil Market
When Saudi Arabia, OPEC’s de facto leader and most influential member, decided at its latest meeting in Vienna to break its recent strategic oil partnership with Russia and adopt a new policy to maximize production levels, oil prices crashed — posting their biggest slide since the Gulf war in 1991. Read more…
India to Top Up Strategic Oil Reserve with Cheaper Crude
India has decided to take advantage of the low oil prices in major producing centres in Saudi Arabia and the UAE to top up its strategic oil reserves created to meet the emergency in times of exigencies, two government officials privy to the information said. Read more…
March 19, 2020
Saudi Aramco to Cut Refinery Runs in April, May to Boost Oil Exports: Official
Saudi Aramco will continue reducing operations at its local refineries in April and May to boost the state energy company’s potential to export crude oil, a company official said on Thursday. Read more…
Saudi Aramco Will Find It Increasingly Hard to Serve Two Masters
Saudi Aramco released its first earnings report as a public company this week, and the oil giant’s management discussed the results with analysts on a call Monday. Read more…
Saudi Arabia, Iraq Say They Will Not Compensate for Oil Freight Rate Jump: Documents
Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday. Read more…
Just Six Months To ‘Tank Tops’ In Race To Store Up Cheap Oil
Planes are grounded. Factories closed. Millions of commuters are staying at home. Coronavirus panic has cratered demand for fuels and other petroleum products by nearly 10% worldwide. Read more…
Oil Tanker Rates Fall, But Storage Demand Stays Firm: Sources
After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said. Read more…
Storing Crude at Sea Becomes a Profitable Option for Traders
The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans. Read more…
US Energy Department Requests Purchase of Up to 30 million Barrels of US Crude
DOE wants to buy crude from small to midsize US producers. Deliveries may start in April, will run through June. Unclear if Congress will fund another 47 million barrel buy. Read more…
Oil Storage to Max Out in Months as Coronavirus Crushes Demand
The world could run out of oil storage capacity within months, according to the biggest energy traders, as the coronavirus pandemic crushes demand for fuel at the same time as the Saudi-Russia price war boosts supplies. Read more…
Asian Appetite for Petroleum Storage, Reserves Will Not Save Global Oil Prices
China’s insatiable appetite for hoarding oil reserves or the expansive independent petroleum storage capacity from Singapore to South Korea will not be enough to absorb the coming flood of crude and refined products, which threatens to push oil prices even lower. Read more…
Filling Up: The World Has an Oil Storage Problem
The oil market could see a record supply surplus in April as coronavirus wipes out demand and big producers pump more, creating a global glut that threatens to overwhelm storage capacity within months and force widespread industry shutdowns, analysts said on Wednesday. Read more…
March 18, 2020
Majors Look to Store Jet Fuel at Sea as Air Travel Drastically Curbed
Major oil companies including BP and Shell are preparing to take the rare step of storing jet fuel at sea as the coronavirus outbreak disrupts airline activity globally, while refiners are shifting to diesel because of the poor margins associated with jet fuel production. Read more…
Glut of Crude Swells Across Atlantic Basin on Coronavirus, OPEC+ Hikes
Crude oil traders from West Africa to the U.S. Gulf Coast are offering cargoes at deep discounts, desperately trying to attract buyers as global supplies swell and demand plunges. Read more…
Dialog Could Benefit from Higher Storage Demand
Pending further clarification from Petroliam Nasional Bhd (Petronas), we are still unclear as to the extent of damage and the cause of the fire and explosion at the Pengerang Integrated Complex. Read more…
India Plans to Top Up Strategic Tanks with Cheap Saudi, UAE Oil- Sources
India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday. Read more…
Shell Books Supertanker to Store Crude Oil at Sea
Royal Dutch Shell has booked a supertanker to store 2 million barrels of oil at sea to park mounting global stocks, shipping sources said on Wednesday. Read more…
Oil Plunge Sets Off Search for Tanks, Revives Dormant Cushing Storage Trade
Traders are scrambling to secure oil storage tanks on land and at sea to cope with slumping demand resulting from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. Read more…
Oil Traders Rent South Korean Storage After Virus Hits China Demand
Several top trading houses have rented millions of barrels of crude storage in South Korea this month to hold excess oil supplies after the coronavirus outbreak dampened demand in China, the world’s largest importer, trading sources said. Read more…
Oil Industry May Fill Global Storage in Months as Record Glut Builds
The oil market could see a record supply surplus in April as coronavirus wipes out demand and big producers pump more, creating a global glut that threatens to overwhelm storage capacity within months and force widespread industry shutdowns, analysts said on Wednesday. Read more…
March 17, 2020
Saudis to Hike Oil Export to Record 10 Million Barrels a Day
Saudi Arabia plans to boost oil exports even further from April to May, reaching a record of more than 10 million barrels a day as the kingdom taps a new field. Read more…
Oil Plunge Sets Off Search for Tanks on Land and at Sea
The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi Arabia and Russia. Read more…
Glencore Sharters World Largest Tanker to Store Crude at Sea: Sources
Sources told Reuters last week that Royal Dutch Shell had provisionally booked at least three supertankers to store crude oil at sea for at least three months as traders brace for a sharp rise in global stocks. Read more…
March 16, 2020
US Could Start Buying Crude for Strategic Reserve in Two Weeks
The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi Arabia and Russia. Read more…
