BIS Research - Emerging Technology Market Intelligence

Internet of Things (IoT) Brings Major Transformation in Oil and Gas Industry

Aug 23, 2017 7:06:43 AM / by BIS Research posted in Internet of Things, Waste Management & Envir Tech, IOTin fossil fuels, IoT, IOT applications in oil, IOT in Energy, IOT in Oil and Gas, IOT in Petrochemicals

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The current trend of low rate of demand of crude oil as compared to supply rate has resulted in a considerable decline in the price of crude oil since 2014. Since the lifting of global sanctions from Iran, the supply of crude oil has increased significantly. The demand for electric vehicles has increased over the last few years in lieu of the impending climate change, thus, the demand for crude oil has decreased drastically, especially in China, and the increased production of shale oil in the U.S. are collectively affecting the prices of crude oil, which is not expected to gain momentum in the coming years.

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