Recurrent Changes in Crude Oil Prices to Influence Growth Parameters, Global Oil Storage Market to Record CAGR of 4.78% Vis-à-vis Volume From 2019 to 2027 158 0 Kommentare Transparency Market Research - Seite 2

Oil Storage Market: Growth-Inducing Factors

The oil storage market may cover considerable growth under its wings because of the frequent changes in prices of crude oil.

When the prices of crude oil fall, storing oil is an essential factor for future use
Maximum storage of oil when the crude prices are low results in high savings; therefore, this factor may bring tremendous growth opportunities for the oil storage market
For instance, India saved ₹5,000 crores in foreign exchange taking advantage of the low priced crude oil during the COVID-19 lockdown; thus, oil storage plays an important role during such situations

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Oil Storage Market: Competitive Outlook

The players in the oil storage market are in constant pursuit of obtaining the top position in terms of choice for oil storage. These players are consistently involved in activities like mergers, acquisitions, joint ventures, collaborations, and partnerships to strengthen their position in the oil storage market. This aspect also helps these companies to expand their existing infrastructure for crude oil storage, eventually leading to the growth of the oil storage market.

Key participants in the oil storage market are Kinder Morgan Inc., NuStar Energy L.P, Horizon Terminals Ltd., CIM-CCMP Group, Ghanzafar Group, Magellan Midstream Partners L.P., Sunoco Logistics Partners L.P., CLH Group, International-Matex Tank Terminals, Inc., Vitol Tank Terminals International B.V., Royal Vopak N.V., and Buckeye Partners L.P.

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