In uncertain economic times, the thought of a worldwide oil shortage has many people on edge. Without enough energy to sustain daily operations, the global economy would be in a tremendous amount of trouble. That's why it's important for oil companies to formulate effective strategies for building efficiency into oilfield production.
According to a report from the International Energy Agency (IEA) the chances that a global oil shortage will occur by 2017 remains incredibly high, as do the risks of increasingly inflated prices.
In a recent review, oil analyst Matthew Hulbert wrote that one problem area was the United States' delusions of energy independence.
"Lulled by dreams of energy independence, the US thought it could slap sanctions on Iran without having to pay a price at the pump," Hulbert wrote. "Now, rather than abandoning its Iran policy, the US is relying on Saudi Arabia and the Paris-based International Energy Agency to bring down oil prices and prevent the world economy from going under. This is a highly risky policy which could seriously hurt the credibility of both Riyadh and Paris."
Ultimately, the best way to mitigate energy shortage concerns is by using proper oilfield equipment. Tools such as artificial lift can build efficiency into a producer's extraction efforts and help ensure that increasing energy demands are met. As emerging markets and technology continues to grow, society's need for energy will remain high. But with global shortage on the horizon, it is crucial that we combat the impending risks with effective strategies on the oilfield.
Companies looking to bolster their extraction efforts should contact an oilfield solutions provider. These professionals can help producers acquire the best tools that fit their needs.