United States Will Drive Growth for Oil Storage Industry in North America

Oilman Magazine | Staff
A newly published research indicates that the U.S. will lead the growth in oil storage in North America.
The US will drive most of the growth in oil storage industry in North America between 2018 and 2022, according to leading data and analytics company GlobalData. The country is set to add more oil storage capacity than any other country in the region during the outlook period. North America is expected to have a total planned storage capacity of 9,072.3 mcm by 2022, and will account for 13.3% of the total global planned storage capacity. It is expected to increase from 363,715.2 mcm in 2017 to 376,948.1 mcm in 2022 at an Average Annual Growth Rate (AAGR) of 0.7%.
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