{"id":26758,"date":"2021-04-15T16:41:18","date_gmt":"2021-04-15T14:41:18","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=26758"},"modified":"2021-04-15T16:42:58","modified_gmt":"2021-04-15T14:42:58","slug":"theres-a-lot-of-unused-oil-stored-up-around-the-world","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/04\/15\/theres-a-lot-of-unused-oil-stored-up-around-the-world\/","title":{"rendered":"There\u2019s a Lot of Unused Oil Stored Up Around the World"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26758\" class=\"elementor elementor-26758\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">There\u2019s a Lot of Unused Oil Stored Up Around the World<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>15\/04\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><div class=\"lead\"><p>The OPEC+ group of oil producers, led by Saudi Arabia and Russia, may have got inventory levels back up to where they want\u00a0them, but that doesn\u2019t mean they can take their feet off the brakes on production just yet.<\/p><div class=\"hardwall\" data-position=\"1\"><span style=\"font-size: 15px\">At their last meeting, inauspiciously held on April Fool\u2019s Day, the group set out a path to restore some of their shut-down production over the next three months. The easing, but not yet the ending, of output curbs reflects a more optimistic view of demand for oil\u00a0as the northern hemisphere moves into its summer months.<\/span><\/div><p>The output increases are relatively modest \u2014\u00a0350,000 barrels a day in May, the same in June and another 440,000 barrels in July.\u00a0On top of that, Saudi Arabia will gradually restore the additional 1 million barrels a day that it cut\u00a0unilaterally in February.<\/p><div class=\"hardwall\" data-position=\"3\"><span style=\"font-size: 15px\">But by the end of July, although the producers\u00a0will have added almost 2.3 million barrels a day to supply since March, they will still only be pumping what they\u2019d\u00a0originally planned for January.\u00a0And they will still be withholding almost 60% of the production they cut a year ago.<\/span><\/div><div class=\"hardwall\" data-position=\"4\">\u00a0<\/div><div class=\"softwall\" data-position=\"4\">\u00a0<span style=\"font-size: 15px\">The strength of oil prices owes a lot to the group\u2019s discipline\u00a0and its willingness to delay the easing of output cuts, even as it neared its self-set target of reducing commercial oil stockpiles in OECD countries to their average 2014-2019 level.\u00a0<\/span><span style=\"font-size: 15px\">According to the latest monthly forecast from the U.S. Energy Information Administration, that target has already been reached. But don\u2019t expect that to mean a sudden flood of oil from Saudi Arabia, Russia and their allies. Their approach will, rightly, remain cautious.<\/span><\/div><div class=\"softwall\" data-position=\"4\"><span style=\"font-size: 15px\">\u00a0<\/span><\/div><p>The group concentrated on stock levels in the OECD because, as I\u2019ve\u00a0<a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2021-02-14\/oil-price-targets-would-make-a-far-better-goal?sref=Y5lbSVTx\" target=\"_blank\" rel=\"noopener\">written before<\/a>, they are the most visible. The U.S. provides detailed numbers on a weekly basis, and most of the other members report inventory levels monthly. That\u2019s in stark contrast to countries like China, where inventory is\u00a0regarded as a state secret and not reported at all.<\/p><p>That\u2019s not to say\u00a0we have no idea as to what\u2019s happening to oil stockpiles elsewhere. Analyzing satellite data and tracking the movement of oil tankers can be used to build up pictures of how stockpiles are changing in many parts of the world.<\/p><p>One key place that is watched closely by oil traders is Saldanha Bay, just north of Cape Town in South Africa. Underground tanks there can hold as much as 55 million barrels of crude, and the geographical location keeps options open for sending oil to markets in either the Atlantic or Pacific.<\/p><p>The tanks\u00a0at Saldanha Bay filled rapidly last year, as the pandemic slashed demand and time-spreads (the difference between future and prompt oil prices) made it profitable to store crude for delivery at a later date. That\u2019s now changed and\u00a0<a class=\"terminal-news-story\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/QRACYLT0G1KX\" target=\"_blank\" rel=\"noopener\">oil is being taken out<\/a>\u00a0of the tanks as quickly as it was put in last year.<\/p><p>But stockpiles aren\u2019t coming down everywhere. There\u2019s one very important place that\u2019s missing from the OPEC+ target:\u00a0China.<\/p><p>China accounted for about 60% of global crude stock builds last year, adding 367 million barrels to its inventory over the course of 2020, according to International Energy Agency calculations. Some of that oil went into strategic, government-controlled stockpiles \u2014\u00a0the Chinese equivalent of the U.S. Strategic Petroleum Reserve \u2014 and is unlikely to reappear unless there\u2019s a supply crisis.<\/p><p>But China\u2019s commercial stockpiles rose, too. The volume of crude stored at ports in the Shandong province, home to most of the country\u2019s independent refiners, soared from about 30 million barrels in December\u00a02019 to more than 50 million barrels by early February\u00a02020, before stabilizing at about 45 million barrels. It is still close to that level now, buoyed in part by new refineries.<\/p><p>Saudi Arabia remains confident that the producer group took the right decision at the start of the month, even as\u00a0Covid-19 is again\u00a0<a class=\"terminal-news-story\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/undefined\" target=\"_blank\" rel=\"noopener\">spreading rapidly<\/a>\u00a0in many parts of the world. Cases hit a\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-09\/second-virus-wave-overwhelms-india-hospitals-as-shots-run-low?sref=Y5lbSVTx\" target=\"_blank\" rel=\"noopener\">new record<\/a>\u00a0in India, and Japan is set to\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-07\/tokyo-eyes-tighter-virus-restrictions-as-cases-rebound-in-japan?sref=Y5lbSVTx\" target=\"_blank\" rel=\"noopener\">reimpose lockdowns<\/a>\u00a0in Tokyo, Kyoto and Okinawa. \u00a0<\/p><p>Although the rapid rollout of vaccines is showing signs of boosting oil demand in places like the U.S. and U.K., traders continue to await a recovery in consumption elsewhere. The producers are right to remain cautious.<\/p><p>Source: <a href=\"https:\/\/www.bloomberg.com\/opinion\">Bloomberg\u00a0<\/a><\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63502443 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"63502443\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" 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elementor-button-link elementor-size-sm\" href=\"https:\/\/www.stocexpo.com\/en\/visit\/register-your-interest\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Register Now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d532d70 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d532d70\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64ee4894\" data-id=\"64ee4894\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5a0dee0 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"5a0dee0\" data-element_type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6c5060b6\" data-id=\"6c5060b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37f42b12 elementor-widget elementor-widget-heading\" data-id=\"37f42b12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get social.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48d7e30d elementor-widget elementor-widget-heading\" data-id=\"48d7e30d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#stocexpo #futuredelivered<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3373d34c elementor-shape-circle elementor-grid-0 e-grid-align-center elementor-widget elementor-widget-social-icons\" data-id=\"3373d34c\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-animation-push elementor-repeater-item-6550970\" href=\"https:\/\/twitter.com\/StocExpo\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-animation-push elementor-repeater-item-2ea5aad\" href=\"https:\/\/www.facebook.com\/StocExpo\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The OPEC+ group of oil producers, led by Saudi Arabia and Russia, may have got inventory levels back up to where they want\u00a0them, but that doesn\u2019t mean they can take their feet off the brakes on production just yet. At their last meeting, inauspiciously held on April Fool\u2019s Day, the group set out a path [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":26759,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"There\u2019s a Lot of Unused Oil Stored Up Around the World | StocExpo ","_seopress_titles_desc":"There\u2019s a Lot of Unused Oil Stored Up Around the World. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-26758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/26758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=26758"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/26758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/26759"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=26758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=26758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=26758"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=26758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}