Motivated by geological carbon storage and hydrocarbon recovery, the effect of buoyancy and viscous forces on the displacement of one fluid by a second immiscible fluid, along parallel and dipping layers of contrasting permeability, is characterized using five independent dimensionless numbers and a dimensionless storage or recovery efficiency. Application of simple dimensionless models shows that increased longitudinal buoyancy effects increase storage efficiency by reducing the distance between the leading edges of the injected phase in each layer and decreasing the residual displaced phase saturation behind the leading edge of the displacing phase. Increased transverse buoyancy crossflow increases storage efficiency if it competes with permeability layering effects, but reduces storage efficiency otherwise. When both longitudinal and transverse buoyancy effects are varied simultaneously, a purely geometrical dip angle group defines whether changes in storage efficiency are dominated by changes in the longitudinal or transverse buoyancy effects. In the limit of buoyancy-segregated flow, we report an equivalent, unidimensional flow model which allows rapid prediction of storage efficiency. The model presented accounts for both dip and layering, thereby generalizing earlier work which accounted for each of these but not both together. We suggest that the predicted storage efficiency can be used to compare and rank geostatistical realizations, and complements earlier heterogeneity measures which are applicable in the viscous limit.