Alex Booth from Kpler looks at how global crude storage levels are adjusting to a post COVID-19 environment
the rapid build-up of crude oil-on-water and the subsequent transition to onshore inventories through the second quarter of 2020 has been well covered, including in a previous article for this publication (see p42 in August/September 2020) Since peaking in early July at
3.77 billion bbl, onshore inventories drew by 770,000 bpd through the second half of the year, hitting 3.64 billion bbl by the end of December 2020. Since that point, global inventories as tracked by Kpler have moved largely sideways. Data to the end of March puts onshore tracked inventories at 3.64 billion bbl, just 5 million bbl lower after a period of three months.
ONSHORE CRUDE FLATLINING
In total, onshore oil storage remains
200 million bbl over levels going into 2021 amid the fact that OEC...