Research report covers the Oil Storage Market share and Growth 2014 toa 2027
Oil Storage Market: Snapshot The beginning of 2016 marked a historic drop in oil prices, hitting a 12-year low. The plummeting prices reflected the drastic change in oil trends, wherein the global supply of crude oil surpassed its demand. The downturn in oil prices resulted in a severe oil glut, creating a storage crunch. Considering that more crude oil was being stored rather than sold or refined, the demand for oil storage facilities has surged over the past few months. Fluctuating oil prices have led to the expansion in oil storage facilities and the overall market. An increasing number of companies are not only offering a host of value-added services but also including logistics services in addition to storage facilities. The several opportunities that players have in the global oil storage market are likely to drive the market volume from 1,337 million cubic meter in 2014 to 2,027 million cubic meter by 2024 at a 4.73% CAGR therein. Massive Oil Production Driving...