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

LONDON–(BUSINESS WIRE)–#gasstorage–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.

“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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Contacts

SpendEdge
Shilpa Balakrishnan
US: +1 (844) 746-0600
[email protected]