OUR GREAT MINDS

by Tina Olivero

7 Things You Must Know About the Price of Oil

3. Technology affects the price of oil

Oil is traditionally measured in barrels, and 1 barrel equals 42 gallons. Oil experts say that there are about 1.3 trillion barrels of oil in the world today and we have seen proven global oil reserves advancing rapidly depending on technology and its integration into large oil discovery regions. For example Venezuela currently has the largest proven oil reserves, then Saudi Arabia and then Canada (mostly because of the Oil Sands). Saudi Arabia, was known as the king of the global oil plays and has always been number one but it has lost that position to Venezuela because of advances in technology.

Technology is the driving force of future oil plays and the price of oil is dramatically impacted by that. Oil prices go down with market supply. Technology advances market supply, so as in the case of Fracking, the technology was so successful that we increased the oil market supply so profoundly that the price of oil dropped dramatically – hence the $45/barrel oil we see today. (August 2015)

Tina Olivero

30 years ago, Tina Olivero looked into the future and saw an opportunity to make a difference for her province and people. That difference came in the form of the oil and gas sector. Six years before there was even a drop of oil brought to the shores of Newfoundland, she founded The Oil and Gas Magazine (THE OGM) from a back room in her home on Signal Hill Road, in St. John’s, Newfoundland. A single mother, no financing, no previous journalism or oil and gas experience, she forged ahead, with a creative vision and one heck of a heaping dose of sheer determination. With her pioneering spirit, Ms. Olivero developed a magazine that would educate, inspire, motivate and entertain oil and gas readers around the world — She prides herself in marketing and promoting our province and resources in unprecedented ways. The OGM is a magazine that focuses on our projects, our people, our opportunities and ultimately becomes the bridge to new energy outcomes and a sustainable new energy world. Now diversifying into the communications realms, a natural progression from the Magazine, The OGM now offers an entirely new division - Oil & Gas Media. Today, The Oil and Gas Magazine is a global phenomenon that operates not only in Newfoundland, but also in Calgary and is read by oil and gas enthusiasts in Norway, Aberdeen, across the US and as far reaching as Abu Dhabi, in the Middle East. Believing that Energy is everyone’s business, Ms. Olivero has combined energy + culture to embrace the worlds commitment to a balance of work and home life as well as fostering a foundation for health and well being. In this era of growth and development business and lifestyle are an eloquent mix, there is no beginning or end. Partnering with over 90 oil and gas exhibitions and conferences around the world, Ms. Olivero's role as a Global Visionary is to embrace communication in a way that fosters oil and gas business and industry growth in new and creative ways.

Prev #4 - OPEC of

    Would you like to know more about this story?

    Let us know who you are and how we can assist you.

    First Name *required

    Last Name

    Company

    Website

    Email *required

    Mobile required

    What are you interested In?

    Learning more about this story?Contacting the company in this story?Marketing for your company?Business Development for your company?

    I am interested in...


    Did you enjoy this article?

    You May Also Enjoy...

    Nominate someone to be featured in our Up & Coming segment

    The OGM Interactive Canada Edition - Summer 2024 - Read Now!

    View Past Issues

    More Recent Stories

    1. Navigating the Energy Transition: How Oil and Gas Giants are Stepping Up on Climate Action

    2. Turning Old Oil Wells into New Energy: Primeval Energy’s Vision for a Geothermal Future

    3. Hornsdale Power Reserve: One of the World’s Largest Batteries

    4. MethaneSAT: A Game-Changer for Climate Accountability in Oil & Gas

    5. Business Opportunities and a Flagship Project for the World to Marvel At

    6. Newfoundland and Labrador Energizes Global Partnerships with Belgium for Green Hydrogen and Wind Energy

    7. The World’s Largest Shipping Giant Pioneers a Green Revolution: MSC’s Decarbonization Journey

    8. Carbon Insetting vs. Carbon Offsetting: 5 Ways Energy Companies Can Drive Real Impact

    Get Media Kit


    OGM - Our Great Minds