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
Industrial Info Tracks More than $170 Million in U.S. Power Maintenance Projects 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.
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