News from the oil and gas industry have not been jolly reading the last years.
But, at the ONS 2016 Conference in Stavanger, we heard some very good news. Statoil published a statement saying they, together with their partners, had managed to reduce the cost of building first phase of the giant field Johan Sverdrup substantially.
In a historic move, the Organisation of Petroleum Exporting Countries (OPEC) last week agreed to the first cut in production for eight years.
Two years to the day since the world's most powerful cartel decided to let oil prices flit on the winds of the global markets, the 14-member combine has agreed to slash 1.2 million barrels per day (bpd) from the global supply kitty.
As a reaction to this most unexpected turn of events, especially unexpected here, the price of a barrel of Brent crude rocketed to 2016 highs, breaking through the $55 mark. The frisson that sent the financial world into giddy fits, may begin to tingle up the spine anew as Russia is set to join OPEC in production diminution for the first time in 15 years.
Unsurprisingly in the opaque world of energy geopolitics, all is not as it seems. Peering through the frosted glass of this “unilateral” agreement, we glimpse a house divided: the overall production cut tells but half the tale.
“The kitchen oven is reliable, but it's made us lazy.” - Jamie Oliver (1975 - )
Tomorrow, the Organisation of Petroleum Exporting Countries (OPEC) will convene for their 171st (Ordinary) OPEC Meeting in the Vienna, to discuss a potential production cut. Now where have we heard that before? Ah, that’s right, before every extraordinary and ordinary and common-or-garden and run-of-the-mill and off-the-cuff meeting of the 14-member combine for the last 18 months.
The upcoming instalment of the “Greatest No-show on Earth” will seek to push through an accord outlined in September to slash OPEC’s current output by more than 1.1 million barrels per day (bpd), from its October output of 33.8 million bpd. Whilst this looked to be on the cards last week, recent comments from the Saudi Arabian Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, have dampened the prospects of this happening.
As the last remnants of ticker-tape and glitter have been expunged all across the United States, the palpable feelings of both hope and despair still cling to the land like rust to metal.
As the president-elect prepares for his inauguration in the palatial surrounds of the 58-storey Trump Tower, a man in a squat, three-storey rotunda is watching on with interest.
Even after serious incidents such as Stuxnet and Shamoon, the implementation of cybersecurity policies is only improving slowly. However, the majority of IT professionals are still not confident about their ability to detect, resist or respond to major cyberattacks, such as a state attack or an Advanced Persistent Threat.
Last week, after the most contentious and second most costly political campaign of all time, US Republican candidate, Donald Trump, stormed to the White House.
Purple swing states lost their mauve hue and regressed to crimson as the wave of discontent that swept the British off their feet during the European Union referendum in June, washed over their Anglophonic cousins to the point of inundation.
From sea to shining sea, the population of the world’s second largest democracy will be voting for their 45th President today.
For the first time in US history, 200 million Americans have registered to cast their ballot for the individual that will lead the executive branch for the next four years.
Despite this record-breaking number, it is estimated that as many as 80 million people, the size of the population of Germany, will not make it as far as the polling booth on November 8th. The turnout for the last general election in 2012 was a mere 53.6 per cent.
As the 8th BRICS Summit came to a close in Benaulim, Goa, India, a multi-billion dollar oil deal piqued the attention of the commodities world.
In the presence of political bigwigs from the five member states, a formal announcement was made of the sale of Indian company Essar Oil to Russia's Rosneft. A major player in the petroleum refining sector, Rosneft will purchase a 98 per cent stake in the Mumbai-based organisation for a sum of $10.9 billion.
There are some consumer sectors that have changed society. They have become something greater than commodities and have moved into the realm of cultural drivers. Both the oil and technology industries fall under this category. These sectors have made the world smaller by connecting cities, countries and continents.