However, the spread of COVID-19 posed a significant threat to this industry in the Middle East. Oil and gas activities are essential to many Middle Eastern governments and have largely been exempted from the lockdown measures. With increasing concerns about COVID-19, many industries worldwide, including automotive and aerospace, are experiencing negative business impacts. Middle East Oil & Gas Storage Terminal Market Growth Impacted Due to Enforcement of Measures to Curb the Spread of Coronavirus Sometimes, oil terminals are also found near cities where road tankers transport products to gas stations and other direct users. Terminals can also be approached by rail, barge, and road tanker. Some terminals are connected with pipelines to deliver and receive the product. Oil terminals are located near refineries or nearshore where tankers can load/unload cargo. A floating attic and a fixed attic are the types that are mostly used. There are different storage tanks used to store oil & gas.

Oil & gas are stored for commercial and strategic reserve purposes.

Many countries rely heavily on imports and supply excess oil stored in their terminals. Storage terminals are the most fundamental parts of the global oil and gas production network and are at the heart of the oil and gas trade between nations.

Based on our analysis, the market exhibited a growth of 37.8% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, experiencing lower-than-anticipated demand across the Middle East compared to pre-pandemic levels. The market is projected to grow from USD 3.27 billion in 2022 to USD 5.51 billion by 2029, exhibiting a CAGR of 7.7% during the forecast period. The Middle East oil & gas storage terminal market size was USD 2.90 billion in 2021.

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