The Port of Corpus Christi has released a statement to say it will have 17 million barrels of additional oil storage by August. The announcement comes as record low commodity prices mean producers are struggling to find a place to store their crude until prices rise.

Port of Corpus Christi CEO Sean Strawbridge said six companies are adding more than 20 million barrels of new oil storage over the next year. He added that the port’s existing 40 million barrels of crude storage is currently about 65 per cent full.

Oil companies in the Permian Basin of West Texas and Eagle Ford Shale of South Texas will now have more storage options as a result of the move – at least until prices improve.

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20th May 2020