North & South America Oil Storage Market By Type (Open Top, Fixed Roof, Floating Roof, Others), By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic, Others), By Fuel Type (Crude Oil, Gasoline, Diesel, LPG, Distillates, Aviation Fuel, Others), By Country, Competition, Forecast and Opportunities, 2019-2029F

Market Overview

The North & South America Oil Storage Market was valued at USD 5.42 Billion in 2023 and is expected to reach USD 7.03 Billion by 2029 with a CAGR of 4.28% during the forecast period. The North & South America oil storage market plays a critical role in the region's energy infrastructure, driven by increasing oil production, fluctuating demand, and the need for energy security. The United States and Canada, as two of the world's largest oil producers, account for a significant portion of this market, with vast storage capacities dedicated to crude oil, refined petroleum products, and Strategic Petroleum Reserves (SPR). These reserves are crucial for stabilizing oil prices, ensuring supply during emergencies, and managing the unpredictable fluctuations in global oil markets.

One of the key factors influencing the growth of the North & South American oil storage market is the ongoing expansion of oil production, particularly due to advancements in shale oil extraction techniques. The shale revolution has led to a surge in domestic oil output, especially in the U.S., which in turn increases the need for storage infrastructure to manage excess production. With volatile oil prices and demand fluctuations, storage facilities offer a buffer, enabling producers to store surplus oil when prices are low and sell it when market conditions improve.

The rising focus on energy security has spurred investments in oil storage, particularly in the Strategic Petroleum Reserves (SPR) of the United States. These reserves help mitigate supply disruptions caused by geopolitical instability, natural disasters, or other unforeseen events, ensuring a steady flow of oil to meet domestic needs. Canada also plays a significant role in this market, with extensive oil sands production requiring substantial storage capacities to manage both crude oil and refined products.

North & South America's geographic and economic position as a hub for international trade boosts the demand for oil storage facilities. The region's strategic location allows it to serve as a key transit point for global oil trade, with large-scale refineries and ports necessitating substantial storage capacities to accommodate both imports and exports. Regulatory frameworks and safety standards in the U.S. and Canada have fostered the development of advanced oil storage technologies, including smart monitoring systems and environmentally friendly storage practices, further boosting market growth.

In the coming years, the North & South American oil storage market is expected to witness continued expansion, driven by the growing demand for energy, technological advancements in storage infrastructure, and the region's strategic focus on energy security. With new projects under development and increasing capacity needs, the market is poised for sustained growth, making it a critical component of the region's broader energy landscape.

Key Market Drivers

Shale Oil Boom and Increased Domestic Production

One of the most significant drivers of the North & South America oil storage market is the rapid expansion of domestic oil production, primarily driven by the shale oil revolution in the United States. Technological advancements in hydraulic fracturing and horizontal drilling have unlocked vast reserves of shale oil, particularly in regions like the Permian Basin and Bakken Formation. As a result, U.S. crude oil output has surged, positioning the country as one of the world’s leading oil producers. This increase in domestic production has led to an oversupply of crude oil at various times, creating a heightened demand for oil storage infrastructure.

The shale boom has not only increased the volume of oil produced but has also made production more volatile, with fluctuations depending on market conditions. This volatility necessitates greater storage capacity to manage excess production during periods of low demand or low prices. Producers need flexible storage solutions to store surplus crude oil when prices drop, waiting for more favorable market conditions to sell. Consequently, the expansion of shale oil production directly correlates with an increased need for storage facilities.

The unpredictability of global oil prices further amplifies the importance of storage. As North & South American producers adapt to changing market conditions, the need for strategic storage solutions becomes even more crucial. Companies are increasingly investing in storage facilities to hedge against price fluctuations and ensure they can meet supply demands during market upswings. This trend underscores the essential role that the shale oil boom plays in driving growth in the North & South America oil storage market. The continual expansion of shale oil production is expected to sustain this demand for the foreseeable future, making storage infrastructure a critical component of the region’s energy industry. The U.S. became a net exporter of crude oil, with export volumes exceeding 4.1 million bpd in 2023. This export growth highlights the need for strategically located storage facilities to manage transportation and shipment, boosting the oil storage market in the Americas.

Strategic Petroleum Reserves (SPR) and Energy Security

Energy security is a major driver of the North & South America oil storage market, particularly through the development and maintenance of Strategic Petroleum Reserves (SPR). These reserves serve as a buffer against potential disruptions in oil supply due to geopolitical tensions, natural disasters, or other unforeseen events. The U.S. government, through its SPR program, maintains large-scale oil storage facilities along the Gulf Coast to protect the country from energy crises. Canada, while not maintaining a formal SPR program, also emphasizes energy security through its vast oil storage infrastructure, particularly in regions where oil sands production is concentrated.

The U.S. Strategic Petroleum Reserve is the largest government-owned emergency crude oil supply in the world, and its presence has a profound impact on the oil storage market. The SPR can hold over 700 million barrels of crude oil, and this capacity requires significant maintenance, expansion, and modernization efforts to ensure it remains a reliable safeguard for the country’s energy needs. As oil consumption grows and geopolitical uncertainties persist, maintaining a robust SPR remains a top priority for the U.S. government, which in turn drives demand for oil storage infrastructure.

Energy security extends beyond government reserves. Private companies also invest in storage solutions to protect their operations from supply chain disruptions and to capitalize on oil price fluctuations. By storing crude oil and refined products during periods of surplus, companies can ensure that they have adequate supplies during market shortages or disruptions. This dual focus on public and private storage solutions bolsters the overall growth of the North & South American oil storage market.

As energy security remains a cornerstone of national policy in the U.S. and a focus of the private sector, the importance of maintaining and expanding oil storage infrastructure will continue to be a critical driver of market growth.

Fluctuating Oil Prices and Market Volatility

The volatility of global oil prices is another key driver of the North & South America oil storage market. Crude oil prices are subject to a wide range of factors, including geopolitical tensions, supply-demand imbalances, natural disasters, and shifts in energy policies. This volatility often results in periods of oversupply or undersupply, creating a significant demand for storage solutions to manage surplus oil during price downturns or shortages during price spikes.

When oil prices fall, producers may find it uneconomical to sell crude immediately, choosing instead to store it until prices recover. This practice, known as "contango," occurs when the future price of oil is higher than the current price, incentivizing companies to store oil rather than sell it at a loss. Conversely, when prices rise sharply, companies may draw from their storage reserves to meet immediate market demand or capitalize on higher prices. These strategies create a cyclical demand for oil storage facilities, ensuring their critical role in market operations.

The COVID-19 pandemic in 2020 highlighted how essential storage capacity is in managing oil market volatility. During the early stages of the pandemic, global oil demand plummeted, causing a historic oversupply. Storage facilities in North & South America reached maximum capacity as producers sought places to store excess oil that could not be sold. This event underscored the importance of flexible and scalable storage solutions in managing price volatility and supply-demand mismatches.

As the oil market continues to experience cycles of volatility, the need for adequate storage infrastructure becomes more pronounced. Companies and governments alike are investing in new and expanded storage facilities to hedge against future price fluctuations, positioning oil storage as a fundamental component of North & South America’s energy landscape.

Growing Refining Capacity and Downstream Operations

The expansion of refining capacity and downstream operations across North & South America is a key driver of the oil storage market. The United States and Canada boast some of the largest refining hubs in the world, particularly in regions like the U.S. Gulf Coast and Alberta’s oil sands. As refining capacity increases, so does the need for oil storage solutions to manage crude oil inputs, intermediate products, and refined outputs.

Refineries require substantial storage facilities to ensure a steady supply of crude oil for processing and to store refined products such as gasoline, diesel, and jet fuel. These products must be held until they are transported to market, necessitating large-scale storage infrastructure to manage inventories. The integration of oil storage with refining operations ensures the smooth flow of products from production to distribution, minimizing disruptions in supply chains.

As North & South America’s refining capacity grows, there is increasing interest in storing specialized grades of crude oil, such as light tight oil from shale formations or heavy oil from Canada’s oil sands. Each of these crude grades requires different handling and storage conditions, further driving demand for diversified storage solutions. This trend is particularly relevant in the U.S. Gulf Coast, where refining hubs are expanding their capacity to process both domestic shale oil and imported heavy crude from Latin America and Canada.

The rise of petrochemical production in the region, which relies heavily on oil derivatives, adds to the demand for storage. Petrochemical facilities require storage solutions for both raw materials and finished products, driving further growth in the oil storage market. As North & South America continues to expand its downstream capabilities, the integration of storage infrastructure with refining and petrochemical operations will remain a vital driver of market growth.

Technological Advancements and Smart Storage Solutions

Technological advancements and the implementation of smart storage solutions are transforming the North & South America oil storage market, driving greater efficiency, safety, and sustainability. The integration of digital technologies, such as real-time monitoring systems, predictive analytics, and automated controls, allows operators to optimize storage operations, reduce costs, and enhance environmental compliance.

One of the most significant innovations in the oil storage market is the use of Internet of Things (IoT) sensors to monitor tank conditions in real-time. These sensors track key metrics such as temperature, pressure, and fluid levels, providing operators with real-time data on the status of stored oil. This information enables predictive maintenance, allowing operators to address potential issues before they result in costly downtime or spills. The ability to monitor tanks remotely also improves operational efficiency, reducing the need for manual inspections and enabling faster responses to changing conditions.

Advancements in materials and engineering have led to the development of more durable and environmentally friendly storage tanks. Modern tanks are designed to minimize the risk of leaks, spills, and emissions, ensuring compliance with increasingly stringent environmental regulations. For example, the use of double-walled tanks and advanced coatings helps prevent corrosion and protects against external environmental factors, extending the lifespan of storage infrastructure.

Smart storage solutions also play a role in improving energy efficiency. By automating processes such as heating and cooling, operators can reduce energy consumption, lowering operational costs and minimizing the carbon footprint of storage facilities. Companies are investing in renewable energy sources, such as solar and wind, to power their storage operations, aligning with broader sustainability goals.

As technological innovation continues to advance, the adoption of smart storage solutions will drive growth in the North & South America oil storage market. Companies that invest in these technologies stand to benefit from improved efficiency, reduced operational risks, and enhanced environmental performance, positioning them for success in an increasingly competitive market.

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Key Market Challenges

Fluctuating Oil Prices

One of the major challenges in the North & South America oil storage market is the volatility of oil prices. The oil industry is highly susceptible to fluctuations caused by geopolitical events, changes in global demand, OPEC production decisions, and macroeconomic trends. When prices drop significantly, as seen during the 2020 COVID-19 pandemic, oil producers often experience storage overflow. As production continues but demand decreases, storage facilities become overutilized, creating bottlenecks in the supply chain. On the other hand, when prices rise sharply, there may be a reluctance from oil companies to store oil for long periods, limiting the utilization of existing storage infrastructure.

The unpredictability of oil prices complicates planning and investment decisions for both public and private sector stakeholders. Storage operators may find themselves under-utilizing their facilities in times of high demand or dealing with capacity constraints when production outpaces consumption. This uncertainty hinders long-term financial planning and discourages investment in new storage infrastructure. Price volatility can lead to periods of financial instability for storage operators, as rental rates for storage tanks tend to fluctuate in line with oil market trends. Managing these swings effectively requires companies to maintain a high level of flexibility in their operations, which can increase costs and limit profitability.

Prolonged periods of low oil prices reduce investment in oil production and exploration, which in turn reduces demand for new storage capacity. This further exacerbates the challenge for the storage market, leading to underutilization of existing facilities and slower growth in the development of new infrastructure. The cyclical nature of the oil industry means that storage operators must navigate a constantly shifting market landscape, balancing the need for immediate capacity with the risks associated with long-term investments in a volatile market.

Environmental Regulations

Stringent environmental regulations represent a significant challenge for the North & South America oil storage market. Governments, particularly in the United States and Canada, have implemented robust regulatory frameworks to reduce the environmental impact of oil storage facilities, especially in terms of emissions control, waste management, and spill prevention. While these regulations are essential for protecting the environment, they can also increase operational costs for oil storage companies and complicate the development of new facilities.

For instance, emissions control standards set by the U.S. Environmental Protection Agency (EPA) require oil storage facilities to minimize the release of volatile organic compounds (VOCs) and other harmful pollutants. Compliance with these regulations often involves the installation of costly vapor recovery units, advanced monitoring systems, and leak detection technologies. The need to adhere to strict guidelines around spill prevention, such as the implementation of secondary containment measures, further increases capital and operational expenditures for storage facility operators.

In Canada, similar environmental regulations exist, particularly around the management of oil sands and other crude oil storage facilities. The focus on reducing greenhouse gas emissions and limiting the environmental footprint of the oil industry puts additional pressure on storage operators to adopt greener technologies and practices. This often requires significant upfront investments in upgrading infrastructure, training personnel, and ensuring continuous monitoring of environmental performance.

The permitting process for building new oil storage facilities is becoming increasingly complex due to the heightened scrutiny from environmental groups and stricter government oversight. Obtaining the necessary approvals to construct or expand storage facilities can take years, delaying projects and inflating costs. These regulatory hurdles, while essential for ensuring environmental safety, pose challenges to the timely and cost-effective expansion of storage capacity, potentially slowing down the market's growth.

Capacity Constraints and Infrastructure Limitations

Capacity constraints and infrastructure limitations pose a persistent challenge for the North & South America oil storage market. As oil production, especially from shale reserves, continues to rise, storage facilities in key regions like the Permian Basin in the U.S. and Alberta in Canada are often stretched to their limits. In periods of increased production, storage tanks reach full capacity quickly, creating bottlenecks in the supply chain and limiting the ability of companies to store excess oil until prices stabilize.

The lack of sufficient storage capacity also puts pressure on transportation infrastructure, such as pipelines, railways, and shipping terminals. When storage facilities are full, producers face difficulties in moving oil efficiently to refineries or export terminals, which can result in logistical delays and increased costs. This is particularly problematic in regions like Alberta, where the limited pipeline capacity has already caused significant delays in oil transportation, exacerbating the storage issue.

The infrastructure for oil storage in some regions is outdated or insufficient to handle the increasing volumes of oil being produced. Many storage facilities were built decades ago and are not equipped with modern technologies that could optimize storage operations, such as real-time monitoring systems or automated control mechanisms. The need to retrofit or replace aging infrastructure further adds to the capital expenditure burden faced by storage operators.

Expanding storage capacity and upgrading infrastructure to meet rising demand is a long and costly process. Regulatory approvals, environmental assessments, and securing funding all take time, delaying the development of new facilities. In the interim, the market faces significant challenges in ensuring that oil producers have sufficient storage options to manage production surpluses, resulting in inefficiencies and higher costs for the industry.

Technological and Safety Challenges

Technological and safety challenges are key issues facing the North & South America oil storage market. While technological advancements have significantly improved the efficiency and safety of oil storage, there are still significant hurdles in fully integrating these innovations across the industry. For example, real-time monitoring systems and automation technologies, which can optimize storage operations and reduce the risk of accidents, are expensive to implement and require skilled personnel to manage. This creates a barrier for smaller storage operators who may not have the financial resources or technical expertise to adopt these systems.

Safety is a major concern in the oil storage industry, with the risk of spills, fires, and explosions posing significant threats to both personnel and the environment. Storage facilities must adhere to stringent safety regulations to mitigate these risks, but accidents still occur, often due to human error or equipment failure. Implementing advanced safety systems, such as automated shut-off valves, leak detection technologies, and fire suppression systems, can help reduce the likelihood of incidents. However, these safety measures come at a high cost, and retrofitting older storage facilities to meet modern safety standards can be both time-consuming and expensive.

The cybersecurity threat to oil storage infrastructure has grown in recent years, as more facilities adopt digital technologies for monitoring and control. Cyberattacks on oil infrastructure, such as the 2021 Colonial Pipeline ransomware attack, highlight the vulnerability of the sector to hacking attempts. Storage operators must invest in robust cybersecurity measures to protect their operations from such threats, which adds another layer of complexity and cost to managing oil storage facilities.

The challenge lies in balancing the need for technological and safety upgrades with the financial constraints of the industry. While larger companies may be able to invest in cutting-edge technologies and safety systems, smaller operators may struggle to keep pace, potentially leading to disparities in safety and operational efficiency across the market.

Geopolitical Risks and Trade Policies

Geopolitical risks and changing trade policies are significant challenges for the North & South America oil storage market. The oil industry is heavily influenced by global political events, and any instability or changes in trade relationships can have a profound impact on the demand for storage facilities. Tensions in major oil-producing regions, such as the Middle East, can disrupt global oil supply chains, leading to fluctuations in oil prices and affecting storage demand. Conversely, geopolitical shifts that favor increased oil production or trade agreements can lead to surpluses, requiring more storage capacity.

In recent years, the introduction of tariffs and trade restrictions between the U.S. and key oil-trading partners has further complicated the market. For instance, the imposition of tariffs on steel, a critical material used in the construction of storage tanks, has increased the cost of building new facilities and maintaining existing ones. Trade disputes with countries like China, which is a major importer of U.S. oil, also create uncertainty for the market. If trade relations deteriorate, oil exports may decline, reducing the need for storage in export hubs while increasing storage pressure domestically due to surplus production.

International agreements like the Paris Climate Accord and other environmental treaties can influence oil production levels and, by extension, storage demand. Policies aimed at reducing carbon emissions and transitioning to renewable energy sources could lead to a decline in long-term oil production, which would impact the storage market. Companies must adapt to these changing geopolitical and trade landscapes, balancing the need for flexibility in storage capacities while managing the risks associated with unpredictable shifts in global oil dynamics. The uncertainty created by these geopolitical risks and evolving trade policies poses a continual challenge for the oil storage industry in North & South America.

Key Market Trends

Growth in Strategic Petroleum Reserves (SPR) Expansion

One of the significant trends shaping the North & South America oil storage market is the continued expansion of Strategic Petroleum Reserves (SPR). The U.S. government has long prioritized energy security, and this trend is intensifying amid growing concerns over global supply disruptions and geopolitical tensions. The SPR plays a critical role in stabilizing the oil market by ensuring the availability of crude oil during emergencies, such as natural disasters, international conflicts, or economic sanctions that could hinder the supply chain.

In recent years, the U.S. has ramped up investments in modernizing its SPR infrastructure to enhance capacity and ensure operational efficiency. This trend has gained momentum as global oil demand fluctuates and the need for oil security increases. In addition, these reserves are increasingly seen as a strategic economic tool, allowing governments to release oil in times of market volatility or when oil prices rise sharply. This approach helps stabilize both domestic and global oil prices, reinforcing the importance of these reserves in the region's oil storage strategy.

Canada is also seeing similar trends, with its growing crude oil production necessitating the expansion of domestic reserves. The country has been investing in storage solutions, especially in provinces rich in oil sands, to better manage its oil supply. With the North & South America oil storage market being closely linked to global economic and geopolitical trends, the expansion and modernization of SPR facilities will continue to be a defining trend, ensuring that North & South America remains well-prepared to handle any major oil supply disruptions in the coming years.

Increasing Use of Advanced Oil Storage Technologies

The North & South America oil storage market is witnessing a significant shift toward the adoption of advanced storage technologies. As energy demands grow and oil storage becomes more critical, companies are increasingly focusing on improving operational efficiency, safety, and environmental compliance through technological innovations. One of the key advancements is the implementation of smart monitoring systems that enable real-time data tracking, helping operators monitor temperature, pressure, and oil levels within storage tanks.

These technologies improve the safety of storage facilities by identifying potential risks like leaks or temperature fluctuations before they become hazardous. The rise of automation in storage management is also allowing for predictive maintenance, reducing operational downtime, and ensuring that facilities run smoothly. These improvements are not only helping companies optimize their oil storage capabilities but also meet stringent environmental regulations that are prevalent in both the U.S. and Canada.

Many oil storage companies are investing in environmentally friendly solutions, such as vapor recovery units (VRUs), to capture emissions from storage tanks. The focus on reducing carbon footprints has led to innovations that align with the global push toward sustainability, as seen in various sectors. This trend is likely to continue, driven by regulatory pressure and corporate responsibility initiatives aimed at minimizing environmental impact.

As technology continues to evolve, we can expect more innovations in oil storage infrastructure, such as the integration of artificial intelligence (AI) and machine learning to enhance predictive analytics and decision-making processes. This shift toward smart storage solutions is poised to reshape the North & South America oil storage market, making it more efficient, secure, and environmentally conscious.

Rising Demand for Crude Oil Storage Due to Shale Boom

The North & South America oil storage market is experiencing a surge in demand for crude oil storage, largely driven by the shale boom in the United States. Advancements in hydraulic fracturing and horizontal drilling have unlocked vast reserves of shale oil, particularly in regions like the Permian Basin, Eagle Ford, and Bakken Shale. As a result, U.S. crude oil production has soared in recent years, positioning the country as one of the world's top producers.

However, this rapid increase in production has created a significant need for storage solutions to manage excess oil supply. Crude oil storage facilities play a crucial role in balancing supply and demand, allowing producers to store surplus oil during periods of low prices or when transportation infrastructure is insufficient to move the oil to refineries or export terminals. This has driven investments in both onshore and offshore storage facilities, with large storage hubs emerging in key production regions.

The increasing output from shale oil has also impacted pipeline infrastructure, leading to bottlenecks that further intensify the demand for temporary storage. In response, many oil companies are expanding their storage capacities to cope with these fluctuations and to ensure flexibility in their operations. The strategic location of storage facilities, particularly in proximity to shale oil production sites and major ports, has become a critical consideration.

With the shale oil boom expected to continue driving U.S. production, the demand for crude oil storage is likely to grow steadily. Companies are investing in new storage facilities and upgrading existing ones to keep pace with production, ensuring that the North & South American oil storage market remains robust and adaptable to future supply-demand dynamics.

Segmental Insights

Type Insights

Open Top segment dominates in the North & South America Oil Storage market in 2023, due to its cost-effectiveness, versatility, and ability to accommodate fluctuating oil production. Open-top storage tanks are widely used for storing large quantities of crude oil, refined petroleum products, and other liquids, particularly in regions like the United States and Canada, where oil production has surged in recent years. One of the key factors driving the dominance of this segment is its affordability compared to other types of storage tanks, making it an attractive option for companies looking to optimize their capital expenditure. Open-top tanks are also versatile, allowing them to store a wide variety of oil products, from crude oil to refined fuels, which adds to their appeal in an industry that requires flexibility to manage changing market demands. As North & South America continues to experience increased oil production, particularly from shale oil fields, there is a growing need for storage solutions that can quickly and efficiently handle large volumes of oil. Open-top tanks provide this capacity, offering ample space for storing surplus production and managing the ebb and flow of supply.

The design of open-top tanks makes them relatively easy to construct and maintain, further reducing operational costs. They can be quickly built to scale, which is especially important in the current market, where companies need to respond rapidly to shifts in production and demand. The simple design also enables easier monitoring and maintenance of stored products, contributing to operational efficiency. Environmental regulations and safety standards in North & South America have also evolved to support the use of open-top tanks, as they can be equipped with vapor recovery systems and other technologies to minimize emissions. Overall, the combination of cost savings, operational flexibility, and regulatory compliance makes the Open Top segment a dominant force in the North & South America oil storage market in 2023.

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Country Insights

United States dominated the North & South America Oil Storage market in 2023, due to its vast oil production capacity, advanced infrastructure, and strategic geopolitical position. As the world's largest producer of crude oil, primarily driven by shale oil extraction, the U.S. has seen a significant increase in domestic production over the past decade. This surge has created an urgent need for expanded oil storage facilities to manage the excess supply and maintain price stability in a fluctuating market.

One of the key factors contributing to the U.S. dominance is its extensive and sophisticated network of oil storage facilities, which includes a mix of above-ground tanks, underground caverns, and pipelines. The U.S. has invested heavily in infrastructure development, allowing for efficient transportation and storage of crude oil and refined products. Major storage hubs, such as Cushing, Oklahoma, serve as critical points in the supply chain, facilitating the flow of oil to refineries and markets across the country.

The U.S. benefits from its strategic location, allowing it to act as both a major producer and a significant exporter of oil. The growing demand for U.S. crude oil in international markets has led to increased investments in storage capacity, ensuring that producers can meet both domestic and export needs. The establishment of the Strategic Petroleum Reserve (SPR) further underscores the country's commitment to energy security, providing a buffer against supply disruptions and price volatility. Technological advancements in oil storage, such as improved leak detection systems and enhanced safety protocols, have made U.S. facilities more reliable and compliant with regulatory standards. This focus on safety and environmental responsibility has bolstered public and investor confidence in U.S. oil storage operations.

Recent Developments

• In December 2023, the U.S. Department of Energy announced it had finalized contracts to purchase three million barrels of oil to replenish the Strategic Petroleum Reserve (SPR). This follows the largest sale in the SPR’s history in 2022. The newly purchased oil, set for delivery to Big Spring, Texas, was secured at an average price of USD 77.31 per barrel, notably below the 2022 average sale price of USD 95 per barrel. The acquisition is part of the government's strategic efforts to restore reserve levels while taking advantage of favorable market conditions to ensure energy security at a lower cost.
• In July 2024, the U.S. Department of Energy announced the successful finalization of contracts for the latest crude oil solicitation for the Strategic Petroleum Reserve (SPR), securing over 40 million barrels for delivery by December 2024. Combined with the cancellation of 140 million barrels of previously mandated sales through collaboration with Congress, a total of 180 million barrels have been purchased or retained in the SPR. This fully replenishes the oil sold during the response to the Russian war against Ukraine, reinforcing U.S. energy security and stability in the global oil market.

Key Market Players

• Koninklijke Vopak N.V.
• Berkshire Hathaway Inc.
• LyondellBasell Industries Holdings B.V. 
• Gibson Energy Inc.
• ONEOK, Inc.
• Oiltanking GmbH
• Intercontinental Exchange, Inc.
• Sunoco LP
• TGE Gas Engineering GmbH
• Hanson Tank

Report Scope:

In this report, the North & South America Oil Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• North & South America Oil Storage Market, By Type:

o   Open Top

o   Fixed Roof

o   Floating Roof

o   Others

• North & South America Oil Storage Market, By Material:

o   Steel

o   Carbon Steel

o   Fiberglass Reinforced Plastic

o   Others

• North & South America Oil Storage Market, By Fuel Type:

o   Crude Oil

o   Gasoline

o   Diesel

o   LPG

o   Distillates

o   Aviation Fuel

o   Others

• North & South America Oil Storage Market, By Country:

o   United States

o   Canada

o   Mexico

o   Brazil

o   Argentina

o   Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North & South America Oil Storage Market.

Available Customizations:

North & South America Oil Storage Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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