As the rally in oil prices continues to drive oil prices toward $60/bbl due to the support from OPEC and non-OPEC oil deal, many people may start to think that the good old days of high oil prices will be back soon. And that means more spending, higher salaries, more jobs and less suffering. To those people I say, don’t be excited, it may get worse before it gets better.
The last two years have been pivotal to the oil and gas industry. Many things were redefined; $50/bbl is the new $100/bbl, USA is the new swing producer in the making and it will play a critical role in keep oil prices low, competition for market share is no longer among conventional oil producers only, unconventional resource producers are now in the game and their presence will continue to grow with time. All these changes tell us something that is, the oil industry is evolving and what is after 2014 will never be the same as what was before 2014.
If the oil industry is changing at such a fast pace, how about you? Are you changing as well, or are you just staying the same and expecting old strategies to bring you better results in such a changing industry. Because if you are doing that, I promise you, you will be out of the oil industry before you even know it.
In this article, I will share with you three skills that you need in order to mitigate the current changes in the oil industry. These skills will help you overcome the challenges arising from the current low oil price reality and whatever bad events that might happen in the future.
One of the main reasons that resulted in many companies going out of business and filing for bankruptcy in the last two years is the fact that they could not adapt to the new reality of low oil prices.Whether you’re a business owner, an employee, or someone who is planning to join the oil industry, you should understand that adaptability is an important factor for your survival and success in the oil industry. Why adaptability is important in the oil and gas industry? Here are two reasons…