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Exxon retreated from oil trading in pandemic as rivals made fortunes
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Exxon retreated from oil trading in pandemic as rivals made fortunes
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Empresas de servicios petroleros recurren a la tecnología para impulsar la rentabilidad
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Oilfield Services Company Turn To Tech To Boost Profitability By Irina Slav - Apr 20, 2021, 5:00 PM CDT
Artificial intelligence, the cloud, robots - these are concepts and products we associate with the IT industry. But there is one notoriously traditional, slow to innovate industry that is now determined to make it part of their sector too. Oilfield service providers are looking to digital technology to help them weather the effects of the pandemic-induced sector crisis. In the process, tech may even make them more profitable.
It’s all about profitability, really. The pandemic will end sooner or later, and the world will return to something that at least resembles normal. Since oil will continue to be a fixture of this normal, oilfield service providers are going nowhere. And they are embracing digital technology like their fellow industry players from exploration and production.
OPEC+ took the industry by surprise when it decided to roll over its quota.
That’s according to Ann-Louise Hittle, the vice president of macro oils at Wood Mackenzie, who said the market was expecting a “substantial” increase in production because a tightening in the supply and demand balance is already evident.
“Clearly OPEC+ has decided to take a cautious approach to demand recovery,” Hittle said.
“However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges,” Hittle added.
“Stocks are a lagging indicator and already the market can see solid signals of demand strength – the vaccination program in the U.S., the world’s largest consumer, is ramping up, with the Biden administration promising enough for every adult by end-May. This should help spur a recovery,” Hittle continued.