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Oil and Gas Storage Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

November 27, 2019
Oil and Gas Storage Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
Oil and Gas Storage Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

LONDON--(BUSINESS WIRE)--Nov 27, 2019--

SpendEdge has been monitoring the global oil and gas storage market and the market is poised to experience spend growth of more than USD 2 billion between 2018-2023 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.

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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Oil and Gas Storage Market Procurement Intelligence Report. (Graphic: Business Wire)

Read the 128-page research report with TOC and LOE on “The Global Oil and Gas Storage Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

The prices of utilities like oil and gas are typically volatile by nature. The recent decline in oil prices has motivated enterprises to augment their inventory of oil and gas to immune themselves from any volatilities in the oil and gas prices in the future. To facilitate an efficient and a safe transportation of the same, government agencies and oil and gas production and distribution companies heavily rely on underground or above-the-ground- facilities such as containers, tanks, empty salt caverns, and floating vessels. This will act as one of the major contributors to spend growth in the oil and gas storage market through 2023.

Europe will account for a major spend share in the oil and storage market owing to the fortification and expansion of energy storage facilities such as the LNG storage infrastructure. These initiatives are seen as attempts to reduce dependence on Russia for the supply of utilities and the growing focus towards cleaner energy sources. Suppliers in the oil and gas storage market in North America will witness several growth opportunities following the slump in the price of crude oil. This will create the need for refining hubs which will contribute to spend growth in the oil and gas storage market in this region.

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Insights into the market pricing trends

What are the strategies to adopt to optimize procurement spend in this market?

Location of storage facilities

Considering the fact that logistics costs will accelerate supplier’s OPEX, it is prudent of buyers to engage with suppliers who have storage facilities located at the vicinity of their supply routes or markets. This will minimize the logistics and transportation expenses of suppliers which, in turn, will have a positive impact on buyer’s procurement spend in the oil and gas storage market.

Opt for suppliers who can provide complementary functionalities at their storage facilities

One of the highly recommended oil and gas storage procurement best practices is to engage with suppliers who have facilities with associated infrastructure that includes suitable port and docking facilities, pipeline infrastructure, and other storage infrastructure. These facilities will help buyers to reduce complexities associated with the handling of cargo as well as to achieve cost savings as they will be readily available with suppliers, thus eliminating the need to source from external agencies.

Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the oil and gas storage market.

Some of the key topics covered in this report are:

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

View source version on businesswire.com:https://www.businesswire.com/news/home/20191126005946/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: ENERGY OTHER ENERGY OIL/GAS

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 11/27/2019 01:09 AM/DISC: 11/27/2019 01:09 AM

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