August 2017

Environment and Safety

Rethinking the risk mitigation process and revitalizing operational safety

For the past 2 yr, oil prices have been in free-fall. At the time of writing, the WTI price is around $50/bbl, up slightly since OPEC’s May 2017 announcement to extend its September 2016 production cut of 2.2%.

Planche, S., DuPont

For the past 2 yr, oil prices have been in free-fall. At the time of writing, the WTI price is around $50/bbl, up slightly since OPEC’s May 2017 announcement to extend its September 2016 production cut of 2.2% (Fig. 1). The industry was slow to react, as it initially appeared to believe that low pricing would not last, due to slowing demand from the BRIC economies and an oversupply of crude oil. Companies then introduced drastic cost-cutting measures to readjust their cost structures to deflation. FIG. 1. Brent monthly average prices. What has become apparent is that sharp drops in crude prices are occurring in shorter cycles. Oil producers mus

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