Should We Worry or Be Happy for the Cheap Petroleum Prices? ~ Kwentology


A mix tension and uncertainty felt by people who are working in countries suffering from unstable oil industry. Either, the very nations feel the same way in the circumstances.

But why, why there are opposite reactions about the collapsing business of petroleum?

Among of the concerned countries that mainly depend on oil production are;
  • Venezuela
  • Iran
  • Nigeria
  • Oman
  • Russia
  • Japan
Workers of Venezuela, Iran, Nigeria and Oman, are under the strain since 70-80% of their income comes from manufacturing and selling petroleum. Huge as failing petroleum business in Russia, another major exporter not only oil but natural gas as well.

Japan and other giant oil companies are afraid as the prices for their products are outstripping worldwide.

In the United States alone, there are plants of oil companies that were closed or about to be shut down such as Baker Hughes, Halliburton, Schlumberger and others.

These companies have laborers who are skilled enough to build machinery, plant for mining, repairing, and distributing oil around the world and the United States itself.

What About Overseas Filipino Workers?

Workers in Oil Plant Middle East
Image of Workers in Oil Plant Middle East
Certainly, more oil companies will stop the operation since it is expected that the oil price drop will continue for one to two years or more like;

One of the largest plastic producer in the world that comes from oil—Shell in Qatar and the giant plant of Aramco.

The Baker Hughes, Halliburton and Schlumberger where all are American companies will lay off 15,000 workers in America until March 2015.

Since they also have companies in the Middle East, dismissing of
employees in the Arab Countries are possible.

Thousands are expected to lose or be dismissed from their job for cessation of the giant plants related to oil industry such as Shell-Qatar and Aramco.

How about layoffs in Oman, Venezuela, Iran and other countries. Plus, a follow up from British oil company projects and Japan?

According to the International Monetary Fund, low prices for oil may be permanent. Iran itself is afraid, the price for oil droppped significantly by $25 per barrel. Remember, from around $115 per barrel in 2013, it dropped down to $44 per barrel.

Saudi Arabia, the large oil producer in OPEC is looking forward for the prices of petroleum soon to be recovered.

If there are backdraws, well, many countries having favor with cheap oil. Like U.S. and Philippines, for these are examples of nations that import huge quantity of petroleum.

While we enjoying these cheap oil and petroleum products, it's a big question for the situation of our OFWs who are working in the countries that are affected by oil price dropped.

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