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Journal of Industrial and Environmental Chemistry | Volume 2
December 06 -07, 2018 | Dubai, UAE
Pet roleum Engineer ing, Oil and Gas
International Conference on
Joint Event
Oil-price challenges and its effect on future oil-gas projects
Hussain Ahmed
Southern Oil Company, Australia
In recent years crude oil price have been changed from rapidly
impacts its production of petroleumproducts downstream. As
a result of hike in petroleum products, consumer commodities
andall other price can increasewhichdepends bypetroleum. Oil
is very important to generate electricity and industrial purpose.
Demand for crude oil is very high in non OPEC countries like
India, china due to the growing consumption. Because of
volatility in oil prices the country can affect economically,
transportation price increase leads increase in commodities,
the industrial raw materials and regular essential process
happening on daily basis. The industrially developed countries
have huge demand on oil. However, the volatility of crude oil
price is because of many reasons, some of the most common
reasons were demand and process technology. The hike of
crude oil price may have impact of development of existing
and newly discovered oilfields in terms of asset management.
OPEC (the Organization of Petroleum Exporting Countries) has
greater influence in crude oil price.
Demand of crude oil is increasing all over the world; demand
mainly depends on the factors of population, economic,
industrial needs of the country. Alternative source of energy
such as coal, nuclear power generation, solar are more
expensive, this leads to demand in crude oil. For instance,
crude oil consumption in India and united states and top most
consumers is higher due to their industrial usage and more
number of consumers. Most of the oil consumers in the list are
not belonging to OPEC. Transportation sector is becoming the
largest among industrial, residential and commercial sectors,
which has increase the demand for crude oil in recent years.
Vehicles used for personal purpose made by combustion
engines have increase the growth of demand in petroleum. The
demand of crude oil in 2010 is 86.0 million barrel per day but it
has been increased to 96.0million per day in 2017. International
energy agency expecting the growth of demand in Asian and
developing countries will be increase.
e:
Oil & Gas 2018 &
Petroleum Engineering 2018, Volume 2
DOI: 10.4066/2591-7331-C2-006