Creating Greater Need For Advanced Eco-Tec Produced Water Treatment
By: George Di Falco, Marketing-Communications, Eco-Tec
Despite a significant improvement in world supply and wavering demand around the world, oil prices are likely to stay high for the foreseeable future, said the International Energy Agency (IEA) in May.
That outlook bodes well for technologies facilitating Enhanced Oil Recovery (EOR) efforts, such as Eco-Tec’s Produced-Water Treatment systems, as higher prices drive investment in exploration, development, and production of unconventional reserves.
Geopolitical risks – such as threats of war and political tension in the Persian Gulf, Libya, and Iraq; protests in Nigeria and Russia; and management challenges in Venezuela – are ongoing sources of uncertainty for speculators and are what is fundamentally driving up oil prices. “The path of market fundamentals for the rest of the year remains highly uncertain and geopolitical risks will likely continue to keep prices high,” the IEA said.
The agency, advising 28 industrialized nations on energy policy, said global oil supply rose 600,000 barrels per day (bpd) to 91 million bpd in April and was now 3.9 million bpd over year ago levels, with 90 percent of the increase coming from OPEC.