Blockchain technology may be approaching the business mainstream as its most well-known application – cryptocurrency — made the July cover of Forbes magazine, but the application is still closer to the back page for the oil and gas sector. Continue reading
The market looks to the Opec monthly report for guidance. Over the years since it started at a few faxed pages, rather thin on content, that turned up when it turned up, it has acquired some gravitas, a counterpoint to the IEA report.
There has been an outbreak of unity within Opec, just when it needed it the most.
One wonders if Venezuela’s energy minister Nelson Martinez has packed extra underwear on his new tour of Opec and non-Opec oil producers. The streets of Caracas are ablaze with protests, and Opec’s traditional price hawk has become a crippled bird.
It is a rich irony that the accelerating downfall of Venezuela´s once-thriving oil industry isn´t enough to realize the country´s ambitious oil price aspirations. The Orinoco oil belt is still mostly an undeveloped wasteland, and grand schemes for offshore gas have given way to gruesome images of spiraling canisters of tear gas.
The success of the Opec and non-Opec production cut deal ultimately depends on the extent to which it erodes bloated inventories. That depends on compliance and the proof of that pudding will be in the eating.