Industry Trends ///

EIA: Tighter crude oil markets contribute to higher forecast prices

In the September 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) increased the forecast price for the Brent spot price to $73/bbl in 2018 and $74/bbl in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/bbl lower than Brent prices in 2018 and in 2019.

Oil declines as supply fears ease, Trump tweets on Chinese trade

Crude dropped the most in almost a month as global supply concerns receded and a demand-killing trade war intensified.

Saudis tap ex-Solicitor General Olson to lobby against "NOPEC"

Saudi Arabia is taking no chances with the longshot "NOPEC" bill, hiring former Solicitor General Ted Olson as a lobbyist to campaign against the act.

IEA warns of higher oil prices as Iran, Venezuela losses deepen

The International Energy Agency warned that oil prices could break out above $80/bbl unless other producers act to offset deepening supply losses in Iran and Venezuela.

Iran endures longest gap in China's oil buying in three years

Iran just endured the longest gap without sending oil to its biggest customer in at least three years as imminent U.S. sanctions pile pressure onto Tehran.

EIA: U.S. overtakes Russia, Saudi Arabia as world's largest crude producer

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO).

Oil majors face "monumental" costs to reach climate goals

Europe’s largest oil companies must roughly double the amount of money they’re now dedicating to “new energies” by the end of the decade to meet key climate targets, according to a report from JPMorgan Chase & Co. that suggests the challenge facing the fossil fuel industry has been vastly underestimated.

OPEC highlights threats to oil demand before meeting on output

OPEC highlighted a range of risks brewing in the global economy that could hurt oil demand as ministers prepared for a meeting on production policy, marking a shift from last month’s outlook.

U.S. oil to flow abroad as glut concerns swell discount to Brent

Don’t be surprised to see bumper U.S. oil shipments heading overseas in the coming weeks.

Iran resorts to floating storage for its oil as buyers retreat

Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs.

UK North Sea drilling at 40-year low, risking growth goals

The oil business has mostly recovered from a worst-in-a-generation crude price slump, but not everyone is celebrating.

AMLO targets $3.9 billion in new oil investment

Mexico’s next president Andres Manuel Lopez Obrador will allocate 75 billion pesos ($3.9 billion) in the budget next year to oil extraction in a bid to resuscitate flagging output.

Mexico's next president says historic oil auctions will continue

Mexico’s next president said he will continue with oil auctions in the first signs that he is backtracking on plans to scale back the country’s historic 2014 energy reforms.

Saudis ramp up oil exports to the U.S.

Saudi Arabia has increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from President Trump to cool down the energy market.

Growth in tight oil shakes up futures markets and hedging needs

The vibrations of the shale boom are now shaking the futures market.

Improve field operations performance and safety with VR training simulation

A lot of best practices and knowledge were lost when experienced staffs left the companies during the oil price crisis. Aging and retiring workforce are compounding the staffing problems, exasperating the current shortage of experienced staffs.

How big data, analytics increase production asset uptime in oil fields

Although oil prices have recovered to above $60/bbl recently, Oil and Gas producers continue to be highly focused on reducing their operations costs to reduce their break-even prices in order to stay ahead of the curve; companies must continue to make investments in improving operational efficiencies to sustain and improve their profitability in the highly volatile business environment.

How advanced analytics improve margins at natural gas processing plants

Improved fracking technology in oil and gas fields is creating an unprecedented boom in natural gas production, exerting tremendous pressure on natural gas prices globally. As recovery of Natural Gas Liquids (NGL) from the gas streams drives revenues for natural gas processing plants, any favourable market climate for encouraging production may adversely affect supply-demand equilibrium.

How digital transformation of engineering & design reduces cost, time and risk in capital projects

In the past few years, low oil prices had sanctioned almost every large energy projects in the oil and gas industry. Today, with the recent recovery of oil prices, most companies are starting to see light at the end of the tunnel and preparing to ramp up their investments to either maintain or grow output. Yet, despite the increasing investment in projects, EPC companies are facing tougher contracting and more intense global competition.

Digital twin is key to digital transformation of the oil and gas industry

The concept of Digital Twin is not new and it has been around for more than a decade. A digital twin is a complete 360-degree digital replica of a physical asset such as a pump, compressor or entire plant that enables analysis of data and monitoring of systems to catch problems before failures occur, preventing downtime and developing new opportunities for business improvement. Only in recent years, the improved technology and greater clarity on the use cases have accelerated the technology adoption.