Tank Storage Magazine reports from stunning St Petersburg
In November 350 tank storage professionals came together in the beautiful city of St Petersburg to discuss the tank storage sector at the annual Oil Terminal Conference in Russia.
Jan Edelmann from HSH Nordbank kicked off proceedings with a presentation on the uncertainties within today’s marketplace. Global oil inventories have normalised at their five-year average level, he explained, ‘which is key to OPEC+, as normalised levels of inventories keep oil price volatility low’.
However, in order to avert oversupply that would weaken prices, OPEC+ is talking about cutting supply oil output by up to 1.4 million barrels a day in 2019 to keep global inventory supply stable.
Saudi Arabia, its Gulf allies and Libya have ramped up oil production aggressively in recent months. There is also a new wave of shale supply expected as soon as pipeline constraints are eased. US onshore production growth has already accelerate...