The Iraq’s Oil Minister, Ihsan Abdul Jabbar, said that his government is going into advanced negotiations with the Chinese companies to establish oil storage facility in China seeking to boost its oil sales to Asia.
The Organization of the Petroleum Exporting Countries (OPEC) has further lowered its forecast on oil demand due to the coronavirus pandemic and there are also doubts about 2021's recovery.
Iran exported a mere 273,000 barrels of oil per day (bbl/d) in June 2020 and Iran’s oil storage is nearing full capacity.
Brooge Energy expects opening new tanks at its oil-storage terminal in UAE to be fully operational by the end of the year.
India’s oil imports in May have nosedived 31% from April’s levels, representing the lowest importing figures since October 2011.
Western Desert Operating Petroleum Company (WEPCO) has inked a deal with the Engineering for the Petroleum and Process Industries (Enppi) and Petrojet to establish two crude oil warehouses at Al-Hamra Petroleum Port with investments worth $64 million.
Oil product stocks have reached new record levels at the UAE’s East Coast Port of Fujairah due to an increase in heavy fuels used in marine and power industries.
Brooge Energy Limited, an oil storage and service provider, announced on May 4 that it has signed an offtake contract with an oil trading company which is one of the super major oil companies in the world.
The UAE’s Brooge Petroleum and Gas Investment Co (BPGIC) announced in a statement published on Zawya on October 10, 2019, that it plans to boost the crude oil storage capacity and expand refining facilities after managing to lease additional land in the bunkering hub of Fujairah.
Abu Dhabi National Oil Company (ADNOC) is constructing a crude oil storage facility under the Fujairah mountains in the UAE.
