The ongoing narrow range in crude prices has provided another opportunity to move on specific oil tanker holding approaches. The object here is not a primary move on the transport of oil but on its storage.
Tankers have become a preferred way of storing oil already out of the ground in advance of transit. This is especially the case in those areas of the world where exporting countries remain dependent upon revenues from international oil sales.
While oil storage remains an expensive proposition, it is still much more cost efficient to find affordable storage and keep field production operations moving, even at a reduced outflow, rather than closing wells and face the uncertainty of starting them up again later.