Saudi Arabia and Russia Establish New Path in Energy Markets

Onсе Saudi Arabia аnnоunсеd thе OPEC+ agreement to reduce wоrld оіl production bу nеаrlу 10 реrсеnt, оіl prices іn futurе соntrасtѕ in Aѕіа rose аftеr a fеw hоurѕ. Obѕеrvеrѕ еxресt that thе еаgеrnеѕѕ of thе mаjоr рrоduсеrѕ to rеасh thе bіndіng agreement before ореnіng the mаrkеtѕ in the dealings оn the first dау оf the wееk wоuld support рrісеѕ above thе $30 реr barrel bаrrіеr.

Aramco Steps Up Efforts to Maintain Oil Exports

Saturday’s attack on Saudi oil facilities has disrupted Saudi refinery production. Aramco is trying to make orders for its oil deliveries. Saudi Arabia is said to have been forced to buy low-sulfur diesel. The extent of the damage to the Saudi oil facilities is still unclear. Some experts believe it could take several months to rebuild and repair the damage caused by the attack on the refinery. The question in the global energy markets is currently about Saudi Arabia’s ability to carry out oil orders and refinery products.

Oilfield Equipment Rental Market Growing Strong

The oilfield equipment rental market is expected to grow at a CAGR of 3.87%, from 2017 to 2022, to reach a market size of $20.55 billion by 2022. Increasing technological advancements in oilfield equipment rental, rising global investments in Exploration & Production (E&P), growing drilling activity, and increasing unconventional hydrocarbon production in North America would drive the oilfield rental market during the forecast period.

American Shale Oil: Real Long Term Growth or Does History Repeat Itself with Boom then Bust?