India is quickly running out of space to store a swelling stockpile of fuel as every possible container – including those in the 66,000 pump stations nationwide – threatens to overflow.
Refiners in India, the world’s third-biggest oil consumer, have filled 95% of about 85 million barrels of fuel storage capacity, according to officials at three state-owned processors. The virus-inflicted lockdown of more than a billion people has pummeled India’s appetite for key transportation fuels as travel and movement remains restricted in large swaths of the world’s second-most populated country.
Options to stash away unwanted barrels are fast running out globally. The world’s biggest independent oil storage company, Royal Vopak NV, said it has leased out almost all available space to store crude and refined fuels due to the still-expanding glut that drove oil prices negative for the first time in history.