Big Oil Bets Big on Big Data to Increase Revenues and Cut Costs


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Big Oil Bets Big on Big Data to Increase Revenues and Cut Costs

ENERGY INVESTING, GROWTH STOCKS, TECHNOLOGY TRENDS
 

President Trump is not the only one using the words “mission accomplished”. On April 13, the International Energy Agency (IEA) said that OPEC could use those words in its battle to reduce the global glut of oil that had been a problem since 2015.

The IEA said oil stockpiles had dropped dramatically over the past year and could dip below five-year average levels in the coming months. Lowering inventories to that level was a main target for OPEC and Russia when the two countries began to curb output in 2017 to balance an oversupplied market and bolster oil prices.

Falling inventory levels and rising geopolitical tensions in the Middle East combined to push oil to its biggest weekly advance, in the week ended April 13, in eight months – up nearly 8% – and it is still trading at the highest level since late 2014.

But that isn’t the big news in the oil industry. Instead, the real news is the effect that Big Data is having on transforming the entire oil industry.

Big Data, Big Results

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