oil and gas storage market distribution, as per regulations, finished oil products should not be stored underground. Comparatively, aboveground storage has an easier maintenance, as leakages are visible and can be easily repaired at a lower cost. Overall, storage of these products helps to regulate the market supply and demand, as companies buy surplus oil when prices are low, in order to hold it in storage until the price increases - also known as oil-storage trade.
The majority of the oil and natural gas storage market was stored aboveground in 2019, accounting for nearly 60 percent of the global market. This is a direct reflection of the predominance of oil in the Distribution of the oil and natural gas storage market by storage type worldwide in 2019
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MRFR. (August 1, 2020). Distribution of the oil and natural gas storage market by storage type worldwide in 2019 [Graph]. In Statista. Retrieved May 02, 2024, from https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/
MRFR. "Distribution of the oil and natural gas storage market by storage type worldwide in 2019." Chart. August 1, 2020. Statista. Accessed May 02, 2024. https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/
MRFR. (2020). Distribution of the oil and natural gas storage market by storage type worldwide in 2019. Statista. Statista Inc.. Accessed: May 02, 2024. https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/
MRFR. "Distribution of The Oil and Natural Gas Storage Market by Storage Type Worldwide in 2019." Statista, Statista Inc., 1 Aug 2020, https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/
MRFR, Distribution of the oil and natural gas storage market by storage type worldwide in 2019 Statista, https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/ (last visited May 02, 2024)
Distribution of the oil and natural gas storage market by storage type worldwide in 2019 [Graph], MRFR, August 1, 2020. [Online]. Available: https://www.statista.com/statistics/1280385/global-oil-and-gas-storage-market-size-by-storage-type/