‘As you aware that the price of the crude oil is getting down in the last few we

Question

‘As you aware that the price of the crude oil is getting down in the last few weeks. This fall in price may affect production activities and surface development facilities. You need to write 250 words report to discuss and highlights the following points:

a) State and discuss Factor affecting the crude Oil price

b) What is the impact of the fallen crude oil price on future petroleum development activities such as production activities?

c) Suggest few ideas on how to optimise the petroleum operations to make them more cost effective and reduce costs.

Explanation / Answer

a) Supply and Demand, Restrictive Legislation,  Political Unrest,  Financial Markets, Non-OECD Demand.

b) The production might be decreased. Most major companies stop their production. Petroleum allied companies will be closed. The major petroleum allied countries will go fall down. World stock exchange maight be in problems. Unemployment will be raised. Many petroleum vehicles will be useless.

c) Increasing prices. Understanding about countries as well as companies. Using more advanced technques to reduce cost. Increasing scientific methods to explore resources, Political stabilty

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