Oil storage is a vital link in the midstream crude oil value chain, petroleum products and chemicals. Buoyed by the rapid growth of the emerging economies, the rising demand for crude and petroleum products, and volatile crude oil prices, the oil storage industry is expected to show an average annual growth rate (AAGR) of 2.8% for 2009–2013
Much of this growth comes from emerging markets such as China, the United Arab Emirates (UAE), India, Canada, Iran, the Netherlands, France, Poland, Singapore and South Korea, which are expected to contribute a quarter of the total global storage capacity by 2013. Outpacing the global growth rate, emerging countries are expected to show an AAGR of 6.9% during 2009–2013. Evidently, these markets will play a decisive role in shaping the global storage industry.