December 01, 2020

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Oil storage in high demand in Yeosu, South Korea

South Korea’s energy ministry said that the country’s 8.2 million barrels of commercial oil storage facility in Yeosu has been fully leased, from only 88% in 2014.

Demand for the storage facility located in the city of Yeosu, more than 300 kilometers south of Seoul, has surged since last October when prices started to collapse. Speculation that future crude oil prices will rise is spurring demand for oil storage. Oil traders are securing leases to stockpile crude oil to take advantage of current prices.

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