The Organization of Petroleum Exporting Countries (OPEC) is gathering in Vienna this week to discuss the future of oilfield production and the organization. This could include the naming of possible candidates for the next OPEC secretary-general and could also lead to reevaluated oil production targets.
Currently, OPEC provides 35 percent of the world's oil and as unrest continues in the Middle East, it is important for officials to sit down and examine the current situation and make any necessary changes to methods and production schedules.
Jason Schenker of the research group Prestige Economics told AFP that he's uncertain if any actual changes pertaining to production targets will be made this week, but he does believe the subject of a new secretary-general will be a hot topic.
"OPEC's official production target is unlikely to change at the December meeting," Schenker said. "Nevertheless, there is likely to be a heated debate over who will be OPEC's next secretary-general."
Regardless of what is decided during the meeting, oilfield producers around the world will want to be cognizant of any news that comes out of the discussions. Recently, news that the United States will soon overtake OPEC member Saudi Arabia to become the world's top energy producer has dominated headlines. Whether that is a topic of discussion at these latest meeting remains to be seen, but it doesn't change the fact that oilfield producers must continue to find ways to efficiently extract and, perhaps more importantly, manage their oil.
Investing in proper oilfield equipment is essential. Using tools to improve drill stem testing practices can help ensure producers get the most out of their designated extraction areas as well as improve the safety of the workers and surrounding environment. Artificial lift solutions can speed up the process, which can help meet challenging rises in oil demand.
Should this week's meeting have any effect on oilfield production around the world, it's crucial for companies to contact an oilfield technologies provider to acquire the right solutions for their needs.