A study released by the analysts at consulting firm Deloitte that looks at the top issues facing the oil and gas sector. The study finds that within the next 5-6 years surging shale oil and natural gas production in the U.S. will "cut deeply" into OPEC's influence on setting world oil prices.
Oil has for decades been perceived as a necessary and highly addictive energy commodity, fueling the world economy. It is a crucial input good for most of the net-oil consumer countries, and it is an important source of revenue for the net-oil supplier countries. This means that any changes in the oil price will affect the entire world economy. Chloé Le Coq and Zorica Trkulja from Stockholm Institute of Transition Economics have written a policy brief that explains to what extent the oil-price fluctuations matter for the economy.
Read more: https://www.hhs.se/site
The business cycle, the global financial crisis and the future of oil markets are currently the three most popular topics of discussion. Since the start of the recession, the international media has been quick to bring many new theories and revelations, brilliant in their simplicity, to light. Hope is the mother of invention, and amidst the crisis they cannot be disproved. However, in two or three years time, 99% of this verbal chaff will have been blown away and only serious analytical work will remain.
Authored by: Leonid Grigoriev
Published in 2010
An Investigation of Crude Oil and its Implication for Financial Markets Priesnell Warren ✔
This research paper seeks to unearth the possible repercussions of fluctuations in Crude Oil markets and how they will affect global trade and financial markets. Crude oil or Black Gold is one of the world’s most precious commodities as its change in price affects the entire economy.
A study released by the analysts at consulting firm Deloitte that looks at the top issues facing the oil and gas sector. The study finds that within the next 5-6 years surging shale oil and natural gas production in the U.S. will "cut deeply" into OPEC's influence on setting world oil prices.
Oil has for decades been perceived as a necessary and highly addictive energy commodity, fueling the world economy. It is a crucial input good for most of the net-oil consumer countries, and it is an important source of revenue for the net-oil supplier countries. This means that any changes in the oil price will affect the entire world economy. Chloé Le Coq and Zorica Trkulja from Stockholm Institute of Transition Economics have written a policy brief that explains to what extent the oil-price fluctuations matter for the economy.
Read more: https://www.hhs.se/site
The business cycle, the global financial crisis and the future of oil markets are currently the three most popular topics of discussion. Since the start of the recession, the international media has been quick to bring many new theories and revelations, brilliant in their simplicity, to light. Hope is the mother of invention, and amidst the crisis they cannot be disproved. However, in two or three years time, 99% of this verbal chaff will have been blown away and only serious analytical work will remain.
Authored by: Leonid Grigoriev
Published in 2010
An Investigation of Crude Oil and its Implication for Financial Markets Priesnell Warren ✔
This research paper seeks to unearth the possible repercussions of fluctuations in Crude Oil markets and how they will affect global trade and financial markets. Crude oil or Black Gold is one of the world’s most precious commodities as its change in price affects the entire economy.
This year's SITE Energy Day was devoted to discussing the consequences of oil price fluctuations for markets and actors of the economy. The half-day conference engaged policy-oriented scholars and experts from the business community to discuss the impact of oil price fluctuations on macro fundamentals, international trade, strategies of oil cartels, strategic risk management, and opportunities for change in energy systems.
Torbjörn Becker, Director of SITE, gave a talk "The volatility of oil price forecasts and its macroeconomic implications"
For more information and research analysis please visit: www.hhs.se/site
Russia’s dependence on oil and other natural resources is well known, but what does it actually mean for policy makers’ ability to control the economic fate of the country? This brief provides a more precise analysis of the depth of Russia’s oil dependence. This is based on a careful statistical analysis of the immediate correlation between international oil prices — that Russia does not control — and Russian GDP, which policy makers would like to control. I then look at how IMF’s forecast errors in oil prices spillover to forecast errors of Russian GDP. These numerical exercises are striking; over the last 25 years oil price changes explain on average two thirds of the variation in Russian GDP growth and in the last 15 years up to 80 percent of the one-year ahead forecast errors. Instead of controlling the economic fate of the country, the best policy makers can hope for is to dampen the short-run impact of oil price shocks. A flexible exchange rate and fiscal reserves are key volatility dampers, but not sufficient to protect long-term growth. The latter will always require serious structural reforms and the question is what needs to happen for policy makers to take action to get control over the long-term fate of the economy.
Current debate on the energy security in the EU often stresses the EU dependency on gas imports from Russia. However, Russia is no less dependent on the EU – more than half of its gas exports goes to Europe. The purpose of this paper is to characterize this mutual dependency through an index-based approach, and to discuss how the development of gas markets may affect such dependency. We suggest a unified framework to assess the security of gas supply for the EU and the security of gas demand for Russia, and construct dependency indexes for both parties. Our approach accounts not only for the traditional import/export dependency measures but also for the balance of power between Russia and the EU. The proposed methodology is then used to address the evolution of the EU-Russia gas relationship in the view of gas market's developments. New gas pipelines projects (e.g., South Stream, Nabucco) and increasing use of liquefied natural gas are all likely to impact both the demand side and the supply side of the EU-Russia gas trade, and affect mutual gas dependency between the EU and Russia.
The Impact of Oil Price on Economic Development of Kurdistan Region of Iraq f...IJAEMSJORNAL
Kurdistan region of Iraq signifies a great case study to investigate the impact of oil price, for the reason that most of its producing reliance on exporting crude oil KRG is one of the main oil exporting regions. Usually, the national revenue relies on crude oil revenue in KRG comprises a great percentage of Kurdistan region of Iraqi government’s budget and also KRG’s economy can be impact by would economic during economic difficulties. Consequently, growing oil crude oil price can influence on economic development in Kurdistan region of Iraq. Therefore, it is important to utilize other resource instead of oil income as a different approach to increase region’s income. The key objective of this article is to investigate the impacts of oil price and oil production value on economic development. Annual growth rate, compound growth rate and correlation coefficient can be utilized to estimate of the data. The findings revealed that an economic development is one of the most significant sources of economic transformation since it reproduces the society's capability to rise productive volume and ideal investment and likewise sustainability obligation comprises an expanded economy on the face of shocks, dynamically implements technology and head accumulation human money, competitively can increase comparative advantages compared to the other. Consequently, it operates within steady, balanced economic strategies and economic growth and there was positively statistically significance between oil price and GDP, oil production value and GDP.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
This year's SITE Energy Day was devoted to discussing the consequences of oil price fluctuations for markets and actors of the economy. The half-day conference engaged policy-oriented scholars and experts from the business community to discuss the impact of oil price fluctuations on macro fundamentals, international trade, strategies of oil cartels, strategic risk management, and opportunities for change in energy systems.
Natalya Volchkova, Policy Director of CEFIR, presented a topic "Oil price fluctuations and international trade".
For more information and research analysis please visit: www.hhs.se/site
ACCF Letter to DOE Sec. Ernest Moniz Requesting Expedited Approval of LNG Exp...Marcellus Drilling News
A letter from the American Council for Capital Formation to Dept. of Energy Sec. Ernest Moniz making the case for more liquefied natural gas (LNG) exports. The DOE under Moniz is charged with approving exports of energy to countries with no free trade agreement with the U.S. They have approved 5 such facilities, but another 21 permits have been filed. Anti-drillers don't want more exports. ACCF provides Moniz with compelling reasons to push forward, quickly, with approvals for more of the LNG export facilities.
This year's SITE Energy Day was devoted to discussing the consequences of oil price fluctuations for markets and actors of the economy. The half-day conference engaged policy-oriented scholars and experts from the business community to discuss the impact of oil price fluctuations on macro fundamentals, international trade, strategies of oil cartels, strategic risk management, and opportunities for change in energy systems.
Torbjörn Becker, Director of SITE, gave a talk "The volatility of oil price forecasts and its macroeconomic implications"
For more information and research analysis please visit: www.hhs.se/site
Russia’s dependence on oil and other natural resources is well known, but what does it actually mean for policy makers’ ability to control the economic fate of the country? This brief provides a more precise analysis of the depth of Russia’s oil dependence. This is based on a careful statistical analysis of the immediate correlation between international oil prices — that Russia does not control — and Russian GDP, which policy makers would like to control. I then look at how IMF’s forecast errors in oil prices spillover to forecast errors of Russian GDP. These numerical exercises are striking; over the last 25 years oil price changes explain on average two thirds of the variation in Russian GDP growth and in the last 15 years up to 80 percent of the one-year ahead forecast errors. Instead of controlling the economic fate of the country, the best policy makers can hope for is to dampen the short-run impact of oil price shocks. A flexible exchange rate and fiscal reserves are key volatility dampers, but not sufficient to protect long-term growth. The latter will always require serious structural reforms and the question is what needs to happen for policy makers to take action to get control over the long-term fate of the economy.
Current debate on the energy security in the EU often stresses the EU dependency on gas imports from Russia. However, Russia is no less dependent on the EU – more than half of its gas exports goes to Europe. The purpose of this paper is to characterize this mutual dependency through an index-based approach, and to discuss how the development of gas markets may affect such dependency. We suggest a unified framework to assess the security of gas supply for the EU and the security of gas demand for Russia, and construct dependency indexes for both parties. Our approach accounts not only for the traditional import/export dependency measures but also for the balance of power between Russia and the EU. The proposed methodology is then used to address the evolution of the EU-Russia gas relationship in the view of gas market's developments. New gas pipelines projects (e.g., South Stream, Nabucco) and increasing use of liquefied natural gas are all likely to impact both the demand side and the supply side of the EU-Russia gas trade, and affect mutual gas dependency between the EU and Russia.
The Impact of Oil Price on Economic Development of Kurdistan Region of Iraq f...IJAEMSJORNAL
Kurdistan region of Iraq signifies a great case study to investigate the impact of oil price, for the reason that most of its producing reliance on exporting crude oil KRG is one of the main oil exporting regions. Usually, the national revenue relies on crude oil revenue in KRG comprises a great percentage of Kurdistan region of Iraqi government’s budget and also KRG’s economy can be impact by would economic during economic difficulties. Consequently, growing oil crude oil price can influence on economic development in Kurdistan region of Iraq. Therefore, it is important to utilize other resource instead of oil income as a different approach to increase region’s income. The key objective of this article is to investigate the impacts of oil price and oil production value on economic development. Annual growth rate, compound growth rate and correlation coefficient can be utilized to estimate of the data. The findings revealed that an economic development is one of the most significant sources of economic transformation since it reproduces the society's capability to rise productive volume and ideal investment and likewise sustainability obligation comprises an expanded economy on the face of shocks, dynamically implements technology and head accumulation human money, competitively can increase comparative advantages compared to the other. Consequently, it operates within steady, balanced economic strategies and economic growth and there was positively statistically significance between oil price and GDP, oil production value and GDP.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
This year's SITE Energy Day was devoted to discussing the consequences of oil price fluctuations for markets and actors of the economy. The half-day conference engaged policy-oriented scholars and experts from the business community to discuss the impact of oil price fluctuations on macro fundamentals, international trade, strategies of oil cartels, strategic risk management, and opportunities for change in energy systems.
Natalya Volchkova, Policy Director of CEFIR, presented a topic "Oil price fluctuations and international trade".
For more information and research analysis please visit: www.hhs.se/site
ACCF Letter to DOE Sec. Ernest Moniz Requesting Expedited Approval of LNG Exp...Marcellus Drilling News
A letter from the American Council for Capital Formation to Dept. of Energy Sec. Ernest Moniz making the case for more liquefied natural gas (LNG) exports. The DOE under Moniz is charged with approving exports of energy to countries with no free trade agreement with the U.S. They have approved 5 such facilities, but another 21 permits have been filed. Anti-drillers don't want more exports. ACCF provides Moniz with compelling reasons to push forward, quickly, with approvals for more of the LNG export facilities.
Ey & Cerebral Business Research Shale Gas Reportarjuncerebral
Surging shale gas production in the US, as well as the possibility of replication of this success worldwide, has the potential
to revolutionize the global energy market. Widely dispersed shale gas reserves indicate the strong potential of shale gas to
emerge as a major alternative source of energy worldwide. According to the US Energy Information Administration (EIA),
technically recoverable shale gas resources globally stand at 7,299 trillion cubic feet (tcf) 1. To put this into perspective, global
natural gas consumption amounted to 116.7 tcf in 20122.
Hydraulic fracturing technology and horizontal drilling have made the revolution possible and continue to be a topic of
debate across the world. Countries such as China, Poland and Argentina view development of shale gas as a key means to
achieve energy security. On the other hand, countries such as France and Bulgaria are concerned about the impact on the
environment and, therefore, continue to impose a moratorium on shale gas-related activities. The hydrocarbon regulatory
regime in most countries was developed prior to the shale boom and relates to conventional exploration and development.
Countries that anticipate an upturn in their shale-related activity may need to modify their existing regulations to include shale
gas or they may have to devise a new regime to govern unconventional resource development.
Despite credit market turbulence and slowing activity in many major advanced economies, oil prices have been reaching record highs in recent months. Besides oil-specific factors, such as geopolitical risks and speculations, the current price boom is driven by demand and supply forces that reinforce each other amid supportive financial conditions. This paper aims to a link macroeconomic variables together with oil prices in order to provide complement decision tools used by commercial and investment banks when optimizing their investment portfolios. For that reason, we apply financial programming model with incorporated oil price variable. We show that oil prices affect private consumption, gross domestic product, inflation, and imports. On the other hand, we also investigate effects of macroeconomic variables on oil market equilibrium. A decrease in oil supply as well as depreciation of the US$ lead to higher oil prices, which in turn decrease private consumption and output, but as well stimulate inflationary pressures. Empirical test is performed on the basis of quarterly US data from 2001 to 2007. Although financial programming models are subject to limitations and empirical implications are difficult to apply, some general relations between selected macroeconomic variables and oil price can be determined.
The latest annual energy risk report issued by the U.S. Chamber of Commerce. The report shows the U.S. has jumped up the list by two spots in the world's top 25 largest energy users. The jump up the list means the U.S. continues to improve its energy security.
This paper employs time varying coefficient approach to assess sensitivity of crude oil price change to a number of factors among which change in OPEC crude production and change in US oil production. Our finding indicate crude oil price is inelastic to OPEC production change, with elasticity varying between 0.09 and 0.13, but elastic to US oil production change with elasticity between 0.99 and 1.05. This imply on average crude oil price is about 8 times more responsive to US supply expansion than to OPEC supply decisions. As a result, OPEC producers have a limited impact on oil price reversal but the withdrawal of the US high cost shale technology producers from crude oil production at low price levels can be more effective driver of oil price rises in the future. Such low level sensitivity of oil price to change in OPEC supply imply, other things remain unchanged, for oil price to rise from the current $45 per barrel to $70 per barrel, OPEC cartel needs to cut its current daily production of 27 million barrels by 8 percent.
An issue brief/report from the Manhattan Institute. The 20-page report says now is the time for the U.S. to press its advantage in shale energy. The report's writer, senior fellow at the Manhattan Institute, Oren Cass, points out the cyclical nature of commodity prices for oil and gas and says even though prices are down now--they won't stay that way. In order to take full advantage of the shale boom, Cass suggests 11 reforms to help craft a smarter U.S. energy policy--one that will amplify the current boom and extend it far into the future.
This presentation covers factors that caused the petroleum industry to decline during the 1980s, and then leading to the recovery beginning in 2008 through some possible future development trajectories.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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The global oil and gas industry
1. Case Report: The Global Oil and Gas Industry.
Global oil prices are influenced mainly by uncertain factors, including the weather,
inventories, global economic growth, speculation, investment, exchange rates, inflation,
geopolitical risks, spare production capacity, OPEC production decisions, and Non-OPEC supply
growth. (American Petroleum Institute, 2013) Although a number of other variables affect the
price of this strategic commodity, predominantly the changes in global demand and supply for
black gold shape the unpredictable future of the global oil and gas industry and ultimately
determine the actual price level. But what is the projected price level of crude oil, and what does
the future look like for the global oil industry?
To predict long-term price trends for crude oil is outside of the scope of this report, but it
attempts to anticipate the near-term price movements: the slowing demand in the developed
economies will be offset by the increasing but cooling demand in the emerging markets, which
indicates that oil prices will not climb higher indefinitely. Weakening global demand and
continuing supply are likely to keep crude prices from drastically rising above unseen levels.
In essence, the future of the oil and gas industry will hinge on its response to the
unprecedented challenges of a new era. “The combination of changes that the industry now faces
requires epic rather than incremental responses, for the industry to evolve and prosper.”
(Mitchell, 2012) Consequently, the oil and gas industry needs a new vision and clear strategy to
adapt to the reactions of related industries to permanently higher oil prices and government
policies designed to mitigate the effects of climate change, the shifts in the geopolitical and
global energy security landscape, the financial investors’ different expectations for the oil sector,
the new relationships between national oil companies and private-sector companies, and the
opportunities created by the technological advances in oil exploration and drilling.
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Climate change policies aimed at reducing greenhouse gas emissions and fossil fuel use
should drive business decisions, and the oil and gas industry cannot survive without adapting to
the new realities created by the international agreements and by the expectations of a new breed
of global consumers. The transportation sector, the largest market for fossil fuels, is undergoing a
massive transformation to minimize the use of oil, while the agricultural industry is emerging as
a new competitor. The auto, the ship, and the aircraft industries in the U.S. are scrambling to
change their business models to reduce their carbon footprint and comply with Environmental
Protection Agency regulations. Efficient vehicles (HEVs and PHEVs) manufactured by the auto
industry are limiting demand growth, while biofuels produced by the agricultural industry are
offering a viable substitute for oil as energy supply. Substituting oil with alternative energy
sources and technology undoubtedly has an enormous impact on the future of the oil and gas
industry, but the West-to-East transition of the global oil market will profoundly reshape it. “The
axis of the oil market is shifting from the trade between the Middle East exporters and US and
European importers to one that links Asian developing markets to the Middle East, which no
longer has sufficient oil to support these markets’ growing needs.” (Mitchell, 2012) This shift
will upset the current balance between the oil producing and consuming nations and will
establish new patterns of international trade. The role of OPEC and Russia as oil suppliers,
where the reserves are state controlled, has already been re-evaluated in the light of strategic
alliances between state- and private sector enterprises. NOCs are collaborating with private firms
to gain access to know-how and technology, and this relationship will prove to be essential to
future upstream reserve growth.
Oligopolistic competition characterizes both the upstream and downstream markets.
Interestingly, despite some common misconceptions about the price stickiness of gasoline, crude
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3. Case Report: The Global Oil and Gas Industry.
and gasoline prices usually move in the same direction. For example, there is a strong (0.81)
correlation between the New York Harbor Conventional Gasoline Regular Spot Price (FOB, US$
per gallon) and Crude Oil West Texas Intermediate Price (US Dollars per Barrel). (Indexmundi)
The Reserve Bank of Australia published industry data in the September 2012 Bulletin
about the physical and financial market size of major commodities, and it estimated the annual
(2011) production of oil at $3,250 billion and the annual turnover of exchange traded contracts at
$40,194 billion USD. (Holloway, 2012)
The recent oil reserve discoveries in Australia (Arckaringa Basin in South Australia),
Venezuela, and the United States should have significantly lowered the price level, but
apparently they did not. An article in The Globe and Mail highlights the upside of this domestic
trend: “Today’s North American oil boom, if sustainable, takes us back to the discovery
atmosphere of the 1950s and 60s.” (Tertzakian, 2013) But in spite of the recent discoveries of
new reserves and the technological advances in recovery methods, oil prices have not come
down substantially, because the supply side expansion has simply not kept pace with the
increasing demand for fossil fuels. With the revolutionary horizontal drilling and hydraulic
fracturing processes, new shale plays in the Bakken and Eagle formations, in the Western States
(Monterey Shale), and the Texas Midland Basin (Spraberry/Wolfcap) have become economically
viable; with the breakthrough deepwater drilling methods, the off-shore deepwater fields in the
North Sea, Gulf of Mexico, West Africa, and Brazil enormous amounts of hydrocarbons have
become accessible; and with the improved bitumen recovery techniques, the vast Canadian
Athabasca and Venezuelan Orinoco oil sands deposits can now be profitably extracted. To
quantify the exact amount of recoverable oil is nearly impossible, but the total estimated reserves
of the top seventeen countries of the world were 1,324 billion barrels of oil in 2012. (Wikipedia)
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4. Case Report: The Global Oil and Gas Industry.
The demand side of the global oil equation is just as difficult to express numerically, but the
“IEA forecasts the world will use 91 million barrels of oil per day in 2012, an increase of 1.5
million barrels per day.” (Holmes, 2011) Simply put, oil consumption is still growing at a faster
rate compared to that of oil supply, and it will last for only 40 years if the rate of demand is
assumed constant. But this is an unrealistic expectation says Holmes: “Oil industry analyst PIRA
estimates incremental demand will outpace supply by 1.1 million barrels per day on a year-over-
year basis during the third quarter of 2011.” This demand growth is driven by “rapidly
urbanizing populations and industrializing economies” in emerging markets. Rising incomes and
change in consumer behavior in these economies transform the dynamics of global trade. China
alone accounts for 41% of demand growth with a 7% annual demand growth rate. The World
Bank forecasts that a new global middle class of 1 billion consumers will drive this demand
growth by 2030.
In summary, demand for crude oil is bound to increase in the short-term, as the derived
demand for consumer products made from oil is anticipated to strengthen in the BRIC countries.
Moreover, the reuse, recycle, and reduction of materials in the production of the related
consumer goods will continue its proliferation in the developed countries; however, it will
probably not eradicate petrochemicals any time soon, nor will the use of alternative energy
sources as a substitute for oil in the block of developing nations replace hydrocarbons. Although
energy efficiency of automobiles and other production machinery is increasing, fossil fuel
consumption is expected to grow in the near term in those countries.
The ‘business as usual’ model is no longer sustainable for the oil and gas industry for the
reasons described above, and it must redefine its vision and execute a transformational strategy
to overcome the formidable challenges posed by the new global order.
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References:
American Petroleum Institute. (2013, May). What’s Up With Gasoline Prices? Retrieved June 28, 2013,
from Oil and Natural Gas Overview: http://www.api.org/oil-and-natural-gas-overview/fuels-and-
refining/gasoline/whats-up-with-gasoline-prices
Holloway, S. D. (2012, September). The Pricing of Crude Oil. Retrieved June 28, 2013, from Reserve Bank
of Australia: http://www.rba.gov.au/publications/bulletin/2012/sep/8.html#f
Holmes, F. (2011, August 7). Chinese Demand Remains The Driver Of World Oil Prices And That's Bullish.
Retrieved July 8, 2013, from Forbes:
http://www.forbes.com/sites/greatspeculations/2011/08/07/chinese-demand-remains-the-driver-of-
world-oil-and-thats-bullish/
Mitchell, J. (2012). What Next for the Oil and Gas Industry? London: Chatham House.
Tertzakian, P. (2013, April 16). Today’s oil discovery sizes not seen since 1960. Retrieved July 8, 2013,
from The Globe and Mail: http://www.theglobeandmail.com/report-on-business/industry-news/energy-
and-resources/todays-oil-discovery-sizes-not-seen-since-1960/article11233776/
Wikipedia. (n.d.). Wikipedia. Retrieved July 8, 2013, from Oil reserves:
https://en.wikipedia.org/wiki/Oil_reserves#cite_note-OPEC-2
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6. Case Report: The Global Oil and Gas Industry.
References:
American Petroleum Institute. (2013, May). What’s Up With Gasoline Prices? Retrieved June 28, 2013,
from Oil and Natural Gas Overview: http://www.api.org/oil-and-natural-gas-overview/fuels-and-
refining/gasoline/whats-up-with-gasoline-prices
Holloway, S. D. (2012, September). The Pricing of Crude Oil. Retrieved June 28, 2013, from Reserve Bank
of Australia: http://www.rba.gov.au/publications/bulletin/2012/sep/8.html#f
Holmes, F. (2011, August 7). Chinese Demand Remains The Driver Of World Oil Prices And That's Bullish.
Retrieved July 8, 2013, from Forbes:
http://www.forbes.com/sites/greatspeculations/2011/08/07/chinese-demand-remains-the-driver-of-
world-oil-and-thats-bullish/
Mitchell, J. (2012). What Next for the Oil and Gas Industry? London: Chatham House.
Tertzakian, P. (2013, April 16). Today’s oil discovery sizes not seen since 1960. Retrieved July 8, 2013,
from The Globe and Mail: http://www.theglobeandmail.com/report-on-business/industry-news/energy-
and-resources/todays-oil-discovery-sizes-not-seen-since-1960/article11233776/
Wikipedia. (n.d.). Wikipedia. Retrieved July 8, 2013, from Oil reserves:
https://en.wikipedia.org/wiki/Oil_reserves#cite_note-OPEC-2
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