Oil Futures Contracts Quotes

By making no decision, OPEC had ceded control to what might be called the “swing investors”—the financial markets—the hedge funds and traders and other financial players that dealt in “paper barrels.” “Sentiment” among these investors—whether they were optimistic or pessimistic, bullish or bearish about prices and the market—would determine whether they went “long” or “short” on futures contracts. And their cumulative decisions would in turn accentuate price moves in one direction or the other. At this point, sheer bearishness predominated. Prices fell below $30 and seemed headed toward $25 a barrel. Some investment banks warned that oil could fall below $20. “The oil market is much bigger than just OPEC,” Naimi said in February 2016, but other countries had demonstrated “no appetite for sharing the burden.

Saipem, an Italian-based company founded in 1957, has built some of the world's largest energy and infrastructure projects. It is organized into five business divisions that focus on onshore and offshore drilling, engineering and construction, and conceptual design services. Given its connection to oil and gas contracts, which effectively collapsed in 2014 with a plunge in oil prices, it has had to set a course beyond fossil fuels and rethink everything about its business. This "change or die" scenario sets the tone for its reporting and disclosure. Its 2019 sustainability report acknowledges the scenario it is facing and tackles the issue of the low-carbon transition head-on. At its core is the organziations rallying call, or "the four challenges," which describe the context and frame the opportunities it must capture to remain competitive.