Showing posts from October 1, 2023

Rising oil prices: Indian oil minister warns about unintended consequences of production cuts!

  Oil price fluctuation - Thursday, 5 October The price of crude oil substantially fell on Wednesday, despite the decision by the OPEC+ to sticking to the production cuts already made by Russia and Saudi Arabia. The prices did not recover enough to gather momentum to reach $90 a barrel in the early hours on Thursday: as of 09:00 GMT, the prices of WTI and Brent were at $84.35 and $86.06 respectively. The decision by the OPEC+ did not come as a bolt from the blue; on the contrary, it was widely expected, because both Russia and Saudi Arabia had explicitly said that the production cuts - 1.5 million barrels per day -  would be extended until December, 2023. In this context, the meeting was more or less just routine and technical in nature - just for optics. On Wednesday, however, there was a report stating a substantial gasoline build in the US by the EIA, US Energy Information Administration, that dampened the mood of the investors to some extent.  The unprecedented removal of the US Ho

Oil and gas exploration: the significance of Starlink constellation of satellites

Oil and gas exploration - data  exchange Starlink, the constellation of satellites owned by SpaceX headed by the legendary visionary, Elon Musk, appears to be helping with data access beyond the domain of the initial audience - remote locations and the regions with no access to the internet services. The original plan of Mr Musk was making fast broadband internet available for residential and commercial customers as the primary users, as he understood the need of such services, as streaming and bandwidth-heavy games indicated an exponential growth. There are, however, other strata of the business world showing a keen interest in the fast internet provided by Starlink at secondary level too; oil and gas industry stands out clearly to benefit from Starlink. Not only does Starlink provide the industry with faster internet, but also makes it feasible with significantly low latency, compared with a traditional geostationary satellite: the latency of them are 20 ms and 600 ms respectively. A

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