Tag Archives: oilfield

Role of Body Language for Oilfield Career Success

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From our informal exchanges with strangers to more formal exchanges with our associates, one can show what he/she is or is not to people with just little gestures and actions. For people who want to work in oilfield, body language is very important and it is one of getting hired by oilfield companies. There are a lot of people fail to this point.   This is can be applied to someone who has been in the oilfield but does not have any good progress in their career but their futures are not bright.

Positive body language is always a part of confident and successful people but a gentle reminder will be required for others. These are some important rules of body language that will help you progress in your job.

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Effect of Demand Shifters

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Demand changes can effect on quantity of supply in both positive and negative ways. For this time, we will look at 5 factors of demand shifters and how they affect on price and quantity of products in the market.

effect-of-demand-shifter

Five Demand Shifter Factors are as follows;

  1. Number of potential buyers in the market – increase or decrease of buyers wanting to buy product in the market
  2. Buyers’ taste and preferences – fashion products as jeans may be in trend this season, the buyers want to buy them so the price goes up. For next season, the same model of jeans may not be a fashion trend so buyers don’t want to buy them. The price will drastically drop.
  3. Buyers’ income – Increase in buyers’ income will have a great purchasing power. Conversely, decrease in buyers’ income will badly affect on demand to buy things.
  4. Buyers’ expectation – This is the expectation of buyers of future market conditions and it will impact on the economy outlook if there are a lot of buyers having the same expectations.
  5. Price of substitute and complementary goods – Substitute goods are products that can be use in place of one another such as potatoes and rice. Complementary goods are products the used together such car and fuel.

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Understand Demand and Supply

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The Demand and Supply is one of fundamental concepts of economics that will help us understand about oil price in a free market environment.

Understand Demand and Supply cover

In order to give you a  simple concept of demand and supply, please look at the fresh market image below (Figure 1).

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Figure 1 – Fresh Market Continue reading →

Pipe Blown Up While Pumping

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Working with pressure is one of the high risk tasks in oil and gas industry because enormous force can damage equipment and harm people life. In this 15-second vdo, it shows how quickly thing can turn to be a catastrophic. You need to watch this.

What Can We Learn from This VDO?

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