{"id":17807,"date":"2016-02-15T10:40:53","date_gmt":"2016-02-15T15:40:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17807"},"modified":"2016-02-15T10:40:53","modified_gmt":"2016-02-15T15:40:53","slug":"uae-offers-india-free-oil-to-ease-storage-woes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17807","title":{"rendered":"UAE Offers India Free Oil To Ease Storage Woes"},"content":{"rendered":"

UAE Offers India Free Oil To Ease Storage Woes<\/a><\/h3>\n
In an oil sector first, the oil-rich United Arab Emirates (UAE) has offered free oil to India in return for a storage deal at India\u2019s planned underground facility as the supply glut worsens and some analysts predict that \u2018\u2019peak storage\u201d could sending prices crashing further.<\/div>\n
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The UAE\u2019s Abu Dhabi National Oil Company (ADNOC) has agreed to\u00a0store crude<\/a>oil in India’s maiden strategic storage facility, sweetening the deal by saying India could take two-thirds of the oil for free.<\/p>\n

It\u2019s a great deal for India, which is almost fully reliant on imports to meet its crude oil needs.<\/p>\n

India has lured Abu Dhabi in with the building of a massive underground storage facility system that will be able to take on 5.33 million tons of crude as a bulwark against global price shocks and supply disruptions.<\/p>\n

ADNOC is eyeing half the storage capacity at one of the new underground facilities, Mangalore, which has a 1.5-million-ton capacity on its own. Abu Dhabi plans to stock 0.75 million tons, or 6 million barrels of oil, here, and 0.5 million tons will belong to India.<\/p>\n

The deal is reflective of a wider, global storage panic and talk of what could happen when we reach \u2018\u2019peak storage\u2019\u2019. A number of analysts have suggested that oil prices\u00a0might crash<\/a>\u00a0to $20, or even $10 a barrel, if storage tanks become full.<\/p>\n

Storage is now at the highest level in at least a decade.<\/p>\n

In the\u00a0U.S., crude storage<\/a>\u00a0levels hit 487 million barrels in early November, closing in on the 80-year high of 490 million barrels hit earlier this year.<\/p>\n

According to the\u00a0U.S. Energy Information Administration (EIA)<\/a>, about 60 percent of the U.S.\u2019 working storage capacity is filled.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

UAE Offers India Free Oil To Ease Storage Woes In an oil sector first, the oil-rich United Arab Emirates (UAE) has offered free oil to India in return for a storage deal at India\u2019s planned underground facility as the supply glut worsens and some analysts predict that \u2018\u2019peak storage\u201d could sending prices crashing further. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[12294,12396,422,588,5332,3217,2428,8078],"class_list":["post-17807","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-charles-kennedy","tag-free-oil","tag-india","tag-oil","tag-oilprice-com","tag-uae","tag-united-arab-emirates","tag-us-eia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17807"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17807\/revisions"}],"predecessor-version":[{"id":17808,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17807\/revisions\/17808"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}