Transporting and Storing Oil
15 min read
© SCHAFF PHILIPPE - TOTAL - A tanker being loaded at the Port-Gentil oil terminal in Gabon.
is transported either by land, via pipelines, or, more typically by sea, on board tankers that are subject to strict security and safety requirements. Storing oil allows supply to be adjusted to demand and helps deal with potential international crises.
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Transporting Oil by Sea
Oil shipping accounts for nearly a third of global maritime trade. The capacity of the world’s fleet of tankers, the ships that transport crude oil and petroleum products, has increased by 73% since 2000. They travel the world's major shipping lanes, passing through strategic locations such as the Strait of Hormuz, the Strait of Malacca, and the Suez and Panama Canals.
Maritime Oil Transportation Safety: A Major Issue
Oil companies, ship owners and states all have a role to play in implementing the rules that ensure the safety of oil shipping. Major oil spills have decreased eightfold over a period of 30 years.
Petroleum Reserves
Industrialized countries build oil and gas reserves so they can adjust supply to fluctuating consumer demand in real time and hold crude oil while it awaits refining. Oil stocks are also a buffer against the fallout from international crises.
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