MUSCAT, April 25 – The current rise in crude oil prices is not without any opportunity for the businesses to make use of the opportunities which come as a package along with challenges, according to Musallam al Mandhary, CEO of Opal (Oman Society for Petroleum Services). The present economic scenario offers a chance to re-evaluate and be more mindful and strategic about how to invest. “The price of oil may go up and down and it remains unpredictable. But adjusting costs in accordance with the mounting expenses is the key to weather the storm to survive,” Musallam said.
“While cut in expenditure will most certainly provide short-term relief, long term and tangible solutions will only come from better use of resources and elimination of waste,” he said. Al Mandhary reiterated: “Keeping the cost under control has been always a challenge and companies which can face this challenge effectively can only succeed in the long run.” Basically, two things affect the prices of oil which are demand and supply and companies produce and store oil for a later period. Companies tend to hoard oil and sell it later. Yet another measure during high oil prices is the redeployment of people according to demand. “In the last three years, we have deployed more than 4,500 people from various rigs,” Al Mandhary added.