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Global oil storage has been in the public spotlight for the past several weeks. Falling fuel consumption due to COVID-19 lockdowns, compounded by a price war between Saudi Arabia and Russia, has led to a massive buildup in crude inventories, sparking questions regarding how much unused storage capacity is left.
As COVID-19 continues its deadly trek throughout the U.S., some states are seeing a dramatically higher number of reported cases than others. As of early April, three states accounted for more than half of all reported infections nationwide: New York, New Jersey and Michigan, according to the U.S. Centers for Disease Control (CDC). Industrial Info is tracking nearly $4.7 billion worth of active projects in these three states that have been delayed or otherwise affected by COVID-19
Earlier this month, the OPEC+ group, which includes Saudi Arabia, Russia and other nations, agreed to cut oil production by 9.7 million barrels per day (BBL/d) in May and June, representing roughly 10% of global supply. Other countries, while not part of the OPEC+ agreement, have agreed to curtail production.
Only a couple of months ago in the Chemical Processing Industry, capzacity investment projects in the U.S. continued at a prolific pace in response to continued low feedstock and energy costs. Similarly, inexpensive methanol-fueled investments were trending in China for methanol-to-olefins (MTO) projects.
Industrial Info Resources is pleased to present our upcoming market outlook schedule focusing on our core industries. Click below to learn more about upcoming events that Industrial Info will be hosting.
