Like many firsts, the livestream broadcast did not go off without any glitches. But the display of transparency was appreciated.
A closer look at the kingdom’s recent production, consumption and export statistics paints a more nuanced picture.
Additional U.S. oil export opportunities could exist, if there is a need.
Previous attempts to reach a deal on cutting or freezing production at OPEC meetings in 2014, 2015 and 2016 ended in failure.
The U.S. Energy Information Administration says the number oil and gas production jobs in May fell 26% from October 2014 levels.
To help meet the extra fuel demand from power producers, the kingdom usually ramps crude output up during the summer and then cuts production back in the autumn.
Rebalancing relies on production cuts and additional demand, most notably from China and India.
Their efforts could tap advanced computing, environmental management and addictive manufacturing as they search for the next big technological breakthrough.
As the downturn reduces some offshore oil and gas activity, a company that offers floatels for offshore workers is venturing into tourism.
Analyzing Saudi reserves and trying to predict when the kingdom’s production will begin to decline has been a graveyard for the reputation of analysts.
The renewables sector can benefit from the expertise of subsea companies in a variety of areas, including engineering, procurement, construction and installation.
The best option for ExxonMobil to expand its existing LNG capacity is to acquire sufficient reserves to justify building another liquefaction train.