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The Organization of the Petroleum Exporting Countries (OPEC)  is an intergovernmental organization that controls close to forty percent of the world’s total oil production.  The COVID-19 pandemic  exposed the extremely brittle state of OPEC  as we witnessed one of the most significant oil conflicts in history. In the article, we will discuss the recent Russian-Saudi Arabian conflict over oil supply cuts and the future of the oil and gas industry. Let’s get started. OPEC Conflicts—Saudi Arabia and Russia Oil Price War Saudi Arabia, the cartel’s most powerful member,  launched a price war against Russia, which sent prices into free fall. The markets were already suffering huge financial losses from the global pandemic. This conflict between both countries   in early March resulted in the biggest drop in oil prices in history, with the price becoming negative around mid-April. The impact of the oil price war between two oil-producing giants impacted the entire world. Multip

The oil and gas industry has started embracing technology to meet the increasing need to optimize production and maximize Return on Investment (ROI). Hence, they are incorporating advanced technology like Artificial Intelligence (AI), robotics, seismic imaging, etc., in their organizational process. The global digital oil field market is expected to grow to USD 30.4 billion by 2024 . It’s anticipated that digital oil fields will revolutionize the offshore oil drilling. Let’s find out more!   What are digital oil fields? Digital oil fields  incorporate modern technologies in business process management to automate operations and streamline the workflow to maximize productivity and improve efficiency. Moreover, the digitalization helps cut down costs and reduces potential risks related to oil and gas operations that can impact worker safety and profitability of gas companies.   Digital Oil Fields Revolutionizing the Offshore Oil Drilling The increasing need for hyd