Weekend Summary
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Putin Crowns Himself OPEC King
Whether you’re tracking oil prices or just care about geopolitics, this article has significant implications. Russian Prime Minister Vladimir Putin has become one of the most significant political figures in OPEC, despite Russia not being a member. Russia played a pivotal role in establishing the OPEC/Non-OPEC deal, and now the director of global commodity strategy at RBC Capital is calling Putin “the world’s energy czar.” Click Here to read more from Bloomberg Businessweek.
OPEC Battles U.S. for Oil Supremacy
The U.S. is undergoing one of the largest energy booms in history, with oil production making unprecedented gains. While OPEC still has significant control over oil stocks, the U.S. is on its way towards being one of the biggest producers in the world, eclipsing Russia and Saudi Arabia. The OPEC/Non-OPEC cuts were supposed to solve the issue of eroding market share – if all the major producers agreed, no one would lose their position. The U.S. is throwing a wrench in that, upping production and stealing market share from the majors. Click Here to read more from Bloomberg.
Can Blockchain Technology Revolutionize the Global Oil & Gas Industry Supply Chain?
As fracking, horizontal drilling, and other new innovations improve oil economics, a new digital trend could upend the industry altogether. Blockchain technology, a form of data tracking in which data is decentralized and more verifiable, could change how oil and gas producers operate, adding efficiency and clarity to supply chains. Click Here to read more from Petroteq Energy.
U.S. Oil Vessel Stranded off Coast of Canada
A U.S. vessel carrying almost 1 million gallons of diesel and gasoline is sending out distress signals off the coast of British Columbia. Rescue boats were dispatched to help direct the boat to safety, but strong winds have caused recovery efforts to slow. So far, no leak has been reported, and officials are taking precautions to ensure none of the fuel is lost. Click Here to read more from Independent.
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