The world needs storage space for crude-oil glut

Today we are surprising with this new published in the Wall Street Journal. The crude oil storage space in U.S., Europe, South Korea, Southafrica and Japan would be expected to hit the maximum capacity due to a crude-oil production glut.

For this reason, in U.S. there are spaces where crude-oil storage tanks are building, like the storage hub in Cushing, Oklahoma. Also groundwater saltmines and high-size oil tankers are using for saving petroleum until traders find a buyer.

The oil storage space is becoming in a commodity for trading in market and consumers will experience falling oil prices as happened in 1998.

News on media:

The Wall Street Journal

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