• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 20 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 hour Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 2 days Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 3 hours JACK MA versus Xi Jinping
  • 2 days Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 22 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 1 day A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 56 mins Researchers Are Harvesting Precious Metals From Industrial Waste
  • 2 days Minerals, Mining and Industrial Ecology
  • 2 days a In 2020, we produced and delivered half a million cars.
  • 2 days Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 2 days ICE Engines Hear to Stay Regardless of War Against

Oman Announces Plans to Build World's Largest Oil Storage Facility

Iran has threatened to close the Straits of Hormuz on more than one occasion in response to the sanctions being imposed upon its economy by the US and EU. Over a third of all sea-borne oil is shipped through the Straits, and any disruption to that flow could seriously affect oil prices.

As insurance against this event, and the potential disruption to supply that it could create, the UAE has already built a bypass pipeline across the desert to the Gulf of Oman, and Saudi Arabia has increased the capacity of its Red Sea ports so that it can export more oil from there. Now Oman is devising its own strategy; building the world’s largest crude oil storage facility.

The facility will be built well outside the Straits of Hormuz near to Duqm, and have a capacity of nearly 200 million barrels of oil, far larger than any other facility of its kind in the world. The storage capacity at Cushing in the US has a capacity of just 62 million barrels.

A government source explained that, “Duqm is away from the Strait of Hormuz and if a conflict occurs there the storage will have enough oil to last a while to keep supplies going.”

Related Article: Smash the Rally in Oil

Before they make any decisions Oman wants to check that there is still enough global demand to deserve such a storage complex.

Nasser Al Jashmi, the chairman of the Oman Oil Company (OOC), told Reuters that the “We have appointed an advisor to carry out a marketing study for the project.”

Abu Dhabi’s International Petroleum Investment Company (IPIC) also announced earlier this year that it had plans to develop a 230,000 barrel a day oil refinery in Duqm.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News