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  • Writer's pictureGermán Rosete

The oil industry in the 21st century

Despite the new waves of the coronavirus that have caused new restrictions, the Organization of the Petroleum Exporting Countries (OPEC) recently raised its forecast for oil consumption this year.

It is expected that until the fourth quarter there will be a demand of 99 million barrels per day, with an optimistic hypothesis since the expectation is that by the end of the year, the majority of the populations in countries with an advanced economy will be vaccinated.< /p>

Along with these OPEC forecasts, there has been a rise in the price of a barrel of oil; Although the market is still under observation for various factors, one of the most important is the impact of the pandemic.

Nevertheless, a rebound in consumption in giant markets such as the United States and China is expected, especially due to the economic recovery that is beginning to be seen in some places and that is faster than expected.

In the medium term, British Petroleum believes that the world expects at least another decade of increased demand for the fuel and even, in the optimistic scenario in which zero emissions are achieved by 2050, estimates that at least 600 billion barrels of oil will be used by then.

That is why there are still new oil drilling, processing and commercialization projects, such as that of the French company Total, which has authorized a megaproject in East Africa: exploitation in Uganda and its transportation by pipeline to a port in Tanzania

This news not only encourages the sector, but also motivates it to closely follow the development of energy alternatives and new technologies that reduce polluting emissions. There is a positive outlook for the oil industry, despite all the adversities.

Also, we must talk about the efforts of this industry to be a better benchmark in environmental care. In recent years, the oil industry has seriously considered how to reduce its harmful effects on the production of such a precious and useful raw material around the world.

I share here three measures that the oil & gas sector has opted for to move towards a more ecological act:

1. Eco-innovation has been integrated into various processes and business models of oil companies. This concept alludes to a production chain with a reduced impact on the environment.

2. Several oil companies have opted for the adoption of environmental management systems. This strategy is committed to improving environmental guidelines and the use of resources, while improving economic goals.

3. There are also oil companies that develop sustainable energy programs to investigate energy alternatives and put sustainability at the center of operations. Above all, it is about minimizing the environmental impact and in the communities in which the activity is carried out.

It is increasingly evident that the bulk of the world's population is interested in a better planet, which is why the hydrocarbons sector has sought ways to reduce the harmful effects and become a branch with more ecological awareness.

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