“This is enormously important because simply capturing flares alone doesn’t tell the whole story,” said Geoghegan.
LOUISVILLE, Ken. (PRWEB) November 05, 2018
As U.S. Iranian sanctions go into effect today, fears swirl over the immediate impact to oil production from one of the world’s largest producers and exporters. To date, Iran has proved their capacity to produce 4.75 million barrels per day (mmbpd) of petroleum liquids (oil, condensate, and NGLs) and the trickledown effect of the sanctions threaten to cut production by up to ~2.25 mmbpd, leaving critical Iranian oil customers either searching for alternate supply or finding ways to keep Iranian oil flowing. Today, Genscape, the leading global provider of real-time data and intelligence for commodity and energy markets, launched the High-Frequency Oil Production Monitor (“The Monitor”), the first ever product capable of tracking daily petroleum liquids production in Iran. Unlike companies who just track flaring activity via satellites, Genscape data scientists and oil industry experts developed algorithms that transform satellite data into highly accurate daily production estimates.
Global Director, Supply and Demand Analytics, Devin Geoghegan qualified the breakthrough as the equivalent of peering into a home and determining exactly how much wood is stoking the fireplace. “This is enormously important because simply capturing flares alone doesn’t tell the whole story,” said Geoghegan. “A flare alone doesn’t tell you what oil producers are doing, it simply shows they’re doing something, which could actually be burning off excess gas rather than producing more oil.”
Understanding actual production levels plays a key role in the market response. Genscape’s data publishes daily and monitors activity in near real-time, allowing experts to know when and where oil production rises or falls on any given day. The Monitor covers several countries, including the United States, Iraq, Iran, Venezuela, Libya,and more, as well as the Neutral Zone. Currently, the Monitor detects 26 mmbpd of global oil supply and is quickly expanding to cover 50 mmbpd. The Monitor launches alongside the Global Oil Supply Report, which provides production history and monthly forecasts for over 100 countries. The Report breaks production down by liquid type, uses individual field and country-level data, and integrates other private and public sources to generate highly accurate forecasts.
Both products bolster the Genscape legacy and expand oil insights beyond North America and Europe, to provide big picture coverage in a historically significant period.
Founded in 1999, Genscape is the leading global provider of real-time data and intelligence for commodity and energy markets.
Today, Genscape operates the world’s largest private network of in-the-field monitors, and added satellite reconnaissance, artificial intelligence, and maritime freight tracking to its data acquisition capabilities. Genscape delivers its unique brand of unsurpassed market intelligence across the commodity and energy spectrum including power, oil, natural gas, NGL, agriculture, biofuels, and maritime freight.