The future of oil jobs in the Middle East – Counting the Cost

Counting the Cost – The future of oil jobs in the Middle East

The Organisation of Petroleum Exporting Countries (OPEC) and 11 other oil-producing nations have extended oil production cuts until March 2018 in an attempt to drain the global oversupply of oil and prop up the price of crude.

Saudi Arabia led the push to extend the curbs, but oil prices have risen less than OPEC countries have hoped for. And that’s because oil at current prices is enough to bring US producers back into the market.

What will OPEC’s production cut extension mean for energy jobs in the region?

Cian Brennan from the consultants Turner and Townsend looks at what changes are coming for the Middle East’s oil industry.
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26 thoughts on “The future of oil jobs in the Middle East – Counting the Cost”

  1. The oil industries are basically bankrupt. …ExxonMobil receives 65 billion in government subsidies alone……yes there's a lot of oil out there. but it cost close to 50 dollars a barrel to bring it online.
    Venezuela has one of the largest oil reserves in the world…but the cost of getting it to market is prohibitive. .
    It's not that we're out of oil. It's the cost….

  2. The whole Middle Eastern Oil countries survived till now on the cheap slave labour of the Asian migrant workers and high Oil prices. Welcome to reality, those days are OVER. With the current Oil prices of less than 60$ a barrel and a high unemployment rate among those spoiled youngsters in the region, just watch out for the 2nd Arab Spring. Believe me, it is around the corner.

    The other factor that will contribute to this is the revolution in renewables like Wind, Solar and Battery Storage Technologies.
    Castles Made of Sands are Doomed to come down crumbling.

  3. Climate change is going to drown the oil industry which is ironic as they caused it. I hope my grandchildren will survive.

  4. EVs and solar will surely shrinks oil economy to less than half maybe in 5 years. It will be difficult for many of us to find good jobs in new places. But it's better to be prepared and learn some new skills than caught off guard in the last minute..

  5. the world is like a big motor, in the middle is A CORE what maintain that core cold is oil keep using it and this planet will explode because it can't and will not keep the core cold. same science that apply to a motor of a car 🙂 but they will call me crazy for my theory

  6. 2:50 the guy is an idiot, if the American Frackers don't curb the production by listening to OPEC and Russia they are going to drive the oil prices into the ground again. Much of the OPEC countries still make a decent profit a $30 per barrel but the frackers will go out of business again like they did before.

  7. If oil reaches 60 USD , the iol fields in Canada and the USA frackng go ful steam ahead which results in oil prices going back down ! Fuck you putin

  8. I will tell you why gas prices are so high. The gas station owners are the ones that set the price of gasoline and diesel per gallon. I will tell you this, the economy will improve with lower fuel prices. Lower prices of fuel means lower prices of items the consumer buys in stores. Lower prices do to cheaper tranportation cost, more things people buy, more sell taxes that the states collect per purchase. So please tell me why is it a good thing for higher fuel tax? That is one one tax that is collected, compared to multi taxes if there is not an increase of fuel tax, lower gas price is a good thing to the economy. When you increase the price of fuel people will not be inclined to spend their hard earned money on extravagant items they do not need. Lower fuel cost, lower fuel taxes is an improvement iin the economy. I will ask you this question; What, where, and why: Fuel tax revenue being used for? Because at this time, every time you use the gas pump. The tax revenue is not being used on our highways and streets. No more new taxes on our fuels. I propose that the politicians would have to pay out of their own pocket for their own fuel usage instead of using taxpayers revenue to fill up their limousines every time they go to a committee meetings and such.

  9. Oil is falling because the cheap QE money is going away. Interest rates are going to rise. Once the rates rise. Oil will tank. The central banks can't finance that .25% money they shuffle around to each other to prop them up. One reason the Federal Reserve requires banks to keep 85% of their assets with them. In exchange for the cheap money.


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