September 2016

Columns

Viewpoint: Improved design practices can aid environment, energy transitions

During the first months of 2016, perspectives for a stabilizing oil market were being confirmed.

During the first months of 2016, perspectives for a stabilizing oil market were being confirmed. Excess supply should curb, given the unforeseen high increase in global oil demand (1.3 MMbpd in 2016) and the decrease in the production of OPEC and non-OPEC countries. Decreasing investments in exploration and production since 2014 could translate to a production shortfall as we approach 2018–2020, leading to a new oil crisis. The refining and petrochemical industries have been required to continuously innovate to overcome numerous challenges. One of these challenges is responding to volatile feedstock and product prices. Crude oil prices have ranged from $140/bbl in August 2008—just before th

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