When oil prices were at their peak, revenues from hydrocarbon products-enabled governments in the GCC region allowed them to generate fiscal surpluses while spending...
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Residual oil in in mature oil fields constitutes up to 67 percent of the total petroleum reserves in the world. One promising tertiary oil recovery method is microbial enhanced oil recovery, which employs microorganisms to pull out remaining oil from reservoirs.
For several decades the Organization of the Petroleum Exporting Countries (OPEC) has had a major impact on global oil prices. In its “good old days”, the cartel used black gold as a leverage to achieve its geopolitical goals. Nowadays, as prices continue to drop and competition multiplies, many doubt OPEC’s ability to further control prices and ensure market stability, and openly question its very existence.
In its December report, titled Panorama MENA, the Compagnie Française d'Assurance pour le Commerce Extérieur (COFACE) took a closer look at hydrocarbon sector in the GCC and found its inherent risks mitigated so far.
In its recent report titled 'Disruptive technology: Bitcoins' Markaz suggested that GCC oil companies revamp the payment system in line with bitcoin. There is slim chance for oil to be paid in this virtual currency, for sure. But as a payment system, bitcoin could be an interesting alternative, so we checked out the odds of it happening and the consequences it would have for bitcoin.