Industry News

Digital Oilfield Services Need of the Hour as Oil Prices Set to Fall Further

Member countries of OPEC concluded their May 2017 meeting by agreeing to cut oil production for another 9 months; despite that the oil prices tumbled and some industry experts have predicted a further decline in oil prices over the long term in lieu of capacity build-up. Tony Seba, author and lecturer in Entrepreneurship, Disruption and Clean Energy at Stanford University recently came out saying that he expects oil to fall further down and nestle in the $25 range over the next decade. "Oil demand will peak 2021-2020 and will go down 100 million barrels, to 70 million barrels within 10 years. And what that means, the new equilibrium price is going to be $25, and if you produce oil and you can't compete at $25, essentially you are holding stranded assets," Seba was quoted as saying, recently.