EDITOR’S NOTE

For 2019, global oil demand is foreseen increasing by around 1.24 mb/d to average 100.00 mb/d, reaching the 100 mb/d threshold for the first time on an annual basis.

Over the past two years, global oil demand has turned out to be higher than expected, supported by healthy economic activities. With economic momentum expected to slow in the current year, this makes economic developments in the major consuming nations a key factor to monitor going forward, according to OPEC Monthly Report. Further uncertainties impacting oil demand growth this year are seen to be trade concerns, the strength of substitution with natural gas and other fuels, the effect of commissioning/ delays/closure of petrochemical projects, and the implementation of subsidy and energy efficiency programmes, particularly in the transportation sector.

This month’s cover story features Al-Baraka Oilfield Services, one of the leading oil and gas contractors in the Sultanate. The company is on the cusp of changing the economic landscape of local communities within oil producing concession areas with its commitment to excellence in the oil and gas space. Along with building its core upstream portfolio, the company is also exploring opportunities in other energy sectors, while focussing on safe and reliable operations.

In the digital technologies space, Shell Oman has signed an agreement with Oman Liquefied Natural Gas LLC (Oman LNG) to explore the benefits of how digital technologies and data analytics can optimise LNG production and improve safety. Enjoy reading the issue!