OGT sustains the 4m Barrels/Month contracts in Crude Oil Business; contract signed in 2017 valid till 2019
- June 12, 2017
- Posted by: admin
- Category: news
Oil, Gas and Gas condensate are among the most important energy sources in the world. One thing we know for sure is that we need oil – currently around 90 million barrels of crude oil a day. Oil is used for many other purposes other than fuel for energy or transport. And yet we are constantly hearing new and often conflict forecasts about the potential reserves and resources. The historical oil price trend is characterized by strong fluctuations with the exception of what is known as the Golden Age of cheap oil – between World War I and the 1973 oil crisis. The Crude Oil trade commenced by OGT in 2012 has challengingly maintained the refinery contracts sustained till 2019 for 4m bar/month overcoming the present Oil crisis.
The most typical feature of energy prices is high volatility, which is the result of numerous political and environmental factors that influence it. Many supply and demand factors also affect energy prices, the strongest of which is global economic growth. In times of economic prosperity the demand for energies increases, while a decrease in consumption occurs when economy stagnates.
Beside economic changes, extreme weather conditions can also have a great impact on energies, leading to supply disruptions of crude oil, natural gas, or heating oil. As a result, such conditions can decrease or increase demand for many consumer services related to these energies. Moreover, global energy prices are highly affected by the political instability in some of the world’s biggest natural gas fields.
Oil trading is a globalized, 24-hour market, with its prices in constant motion. This makes it an ideal instrument for OGT who look for fast movements and choose the easiest way to trade on oil prices.
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NOTES TO THE EDITOR
With the world’s seventh largest proven crude oil reserves, the UAE is a responsible producer and critical partner in global energy markets. As a mainstay to the economy, oil exports now account for about 25 percent of the UAE’s gross domestic product.
In addition to being an important supplier of energy, the UAE is now becoming an increasingly relevant consumer of energy. The UAE will continue its long tradition of responsible energy stewardship as it develops and diversifies its economy, accelerates the development of additional hydrocarbon reserves and contributes to the development and implementation of alternative energy sources.
Abu Dhabi holds 94% of the UAE’s oil reserves, or about 92.2 billion barrels. Dubai contains an estimated 4 billion barrels, followed by Sharjah and Ras Al-Khaimah with 1.5 billion and 100 million barrels of oil, respectively.
The Crude Oil trade commenced by OGT in 2012 has challengingly maintained the refinery contracts sustained till 2019 for 4m bar/month overcoming the present Oil crisis.
For further Information, please contact:
PMO, OGT Office
Phone: +9712 5512330 Email: email@example.com