Market: Storage remains a critical indicator in over-stocked industry

With oil markets glutted with unsaleable crude, storage capacity has emerged as an even more critical indicator of the region’s health than security in the Strait of Hormuz or more usual strategic concerns. The Opec+ group has promised to deliver 9.7m b/d production cuts from 1 May, but this was not likely to stop global storage being overwhelmed. As tanker rates continue to inflate, the search is on for more storage capacity. As well as fleet owners, winners from this include regional hub Fujairah.