It is quite difficult to find a book that explain about oil and gas industry to our children. There are many times that you are asked about oilfield by your kids and you could not find the good resource to explain them. Today we would like to share one of the best and simple oilfield books for kids. This book is “I need to know – An Introduction to the Oil Industry & OPEC“. An introduction to the Oil Industry and OPEC tells the story of oil. It tells how crude oil – or, using its more technical term, petroleum – was discovered, how it is explored and taken from the ground and made into other products.
The contents in this book are well written into simple language in order to explain about oilfield to young generations around the world. Not only is it good for children, it is also excellent to educate people who do not know much about oil and gas industry. The contents in this book are listed below; Continue reading
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.
Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.
Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading
ALGIERS (Reuters) – OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)
Oil prices LCOc1 jumped more than 5 percent to trade above $48 per barrel as of 1830 GMT after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal. Continue reading