US producers scramble for storage
Companies are looking at creative temporary solutions as capacity fills up
Warnings over a looming oil storage crisis have left producers rushing to find short-term fixes. Several ideas have emerged, and while there is some early evidence of a gradual market rebalancing as global lockdowns begin to be lifted, additional storage capacity is likely to be highly sought after in the near term. The US Strategic Petroleum Reserve (SPR) has featured prominently in efforts to provide producers with storage relief. An initial Department of Energy (DoE) plan to buy up to 30mn bl of crude for the SPR was cancelled after it failed to secure funding from Congress. A smaller plan for the purchase of up to 1mn bl from small and medium-sized US producers has since been unveiled. “
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