Feature Reports
Summary Transporting and Storing Oil
Crude oil 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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Oil shipping accounts for nearly a third of global maritime trade. The capacity of the world’s fleet of tankersVessel used to transport bulk liquids in huge tanks. The best-known tankers are oil tankers, which carry crude oil. , the ships that transport crude oilOil that has not been refined. 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.
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.
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Economic, geographical or political reasons can sometimes make transporting oil by land a better option than shipping it by sea. In such cases, oil pipelines are used to link ports, refineries and points of consumption.
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Industrialized countries build oil and gas reserves so they can adjust supply to fluctuating consumer demand in real time and hold crude oilOil that has not been refined. while it awaits refining. Oil stocks are also a buffer against the fallout from international crises.
