Oil Storage Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to oil storage market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Oil Storage Market News

in Oil Storage Market
  • In October 2024, global trading house Trafigura acquired a 50% stake in Meroil Tank S.L. from Spanish oil operator Meroil S.A., forming a 50:50 joint venture. This partnership encompasses 356,000 cubic meters of refined oil products storage infrastructure located within the port of Barcelona, aiming to combine the strengths of both companies in the oil storage and trading sectors.
  • In October 2024, TotalEnergies agreed to sell its Brazilian fuel distribution business, including 240 retail fueling stations and seven ethanol and fuel storage facilities, to SIM Distribuidora, a subsidiary of Grupo Argenta. The deal, valued at approximately 300 million Brazilian reals (around $53 million), enables SIM to expand its network into southeastern and midwestern Brazil, while TotalEnergies retains its lubricants blending and distribution activities in the country.
  • In December 2024, Woodside Energy and Chevron agreed to an asset swap to streamline their operations in Western Australia. Woodside acquired Chevron's interests in the North West Shelf Project, North West Shelf Oil Project, and the Angel Carbon Capture and Storage Project. In return, Chevron received Woodside's interests in the Wheatstone and Julimar-Brunello Projects, along with a cash payment of up to $400 million to Woodside. This strategic exchange allows both companies to focus on their key assets and improve operational efficiency.
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Global Oil Storage Market size was valued at USD 13306.76 million in 2023 and is poised to grow from USD 13905.57 million in 2024 to USD 19775.11 million by 2032, growing at a CAGR of 4.5% in the forecast period (2025-2032).

The global oil storage industry is highly competitive, with key players focusing on capacity expansion, digital transformation, and sustainability to maintain their market positions. Companies such as Vopak, Kinder Morgan, and Royal Dutch Shell are leading the market through strategic investments in storage infrastructure and technology-driven solutions. For instance, in 2024, Vopak announced an expansion of its oil storage terminals in Rotterdam, integrating AI-driven monitoring systems to enhance operational efficiency and reduce emissions. Similarly, Kinder Morgan has been investing in automation and predictive analytics for real-time inventory tracking across its North American storage terminals. 'Vopak', 'Trafigura', 'TotalEnergies', 'Woodside Energy', 'Meroil S.A.', 'Tenaris', 'Chevron', 'Aiteo', 'ConocoPhillips', 'Oiltanking', 'ExxonMobil', 'CF Industries', 'Hecate Energy', 'Invenergy'

As global energy consumption continues to rise, the demand for reliable oil storage solutions is increasing. Countries are expanding their strategic petroleum reserves (SPRs) to safeguard against supply disruptions. For instance, China and India have significantly increased their crude oil storage capacity in recent years to enhance energy security. This rising need for storage facilities is pushing investments in advanced infrastructure and storage technologies.

Integration of Renewable Energy in Oil Storage Operations: To enhance sustainability, many oil storage facilities are incorporating solar, wind, and battery storage solutions to reduce their carbon footprint. Companies are adopting hybrid energy models where renewable energy sources power storage facilities, improving efficiency while lowering operational costs. For example, some oil terminals are integrating solar panel installations to reduce dependency on conventional power sources.

How Crude Oil Production Strengthened North America's Position in Oil Storage?

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Global Oil Storage Market
Oil Storage Market

Report ID: SQMIG10C2052

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