Driving home for Christmas... (petrol prices edition)

Season's greetings dear readers. Many of you may be driving home for Christmas and looking forward to the New Year, with perhaps that most famous of Chris Rea songs playing on the radio. 

As you fuel up for the journey ahead, it is now pretty certain the current year and its festive season will end with petrol prices (or gasoline if you wish) at their lowest since 2021. 

That's because crude oil prices are at their lowest for nearly three years too, owing to lower demand (mainly from China), higher supply (largely from the US) and a stronger dollar (courtesy of the US Federal Reserve). 

Here are your truly's observations on the current market permutations via Forbes, and why lower prices may last well in to 2025. 

From a UK perspective, at the time of writing this blog, a litre of petrol would set you back on average by 135p (US$1.70), and sub 130p if you happen to a Costco member. In fact, lower prices at the pump are being replicated across Europe.  

And average US prices are pretty low this festive season as well, with a gallon of petrol going for $3.145 this week, counting in regional fluctuations around the mark. That's $0.83 per litre or 66p - a price, as always, many in Europe can only dream of!

On that note, it's time to take your leave for the festive week. The Oilholic will be back in Jan. And wherever you are driving or travelling to (or not driving or travelling at all), be safe and merry. Here's wishing you all a great Christmas & a Happy New Year! The Oilholic will be back in Jan, after the holidays. 

Keep reading, keep it here, keep it 'crude'! 

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To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2024. Photo: Driving in Gloucestershire, UK on December 23, 2024 © Gaurav Sharma 2024. 

GMIS 2024 and industrial safety manifesto launch

The Oilholic recently had the privilege of speaking and moderating at the Global Manufacturing and Industrialisation Summit (GMIS) in Abu Dhabi, UAE on December 5, hosted by the Abu Dhabi Department of Economic Development at the inaugural Abu Dhabi Business Week, with a key theme of building resilience across the global industrial, manufacturing and petrochemical complexes. 

The summit deliberated at length the challenge of ensuring safety and security for key infrastructure in the digital age. In line with this thinking, a first-of-its-kind Manifesto for Global Industrial Safety was launched at the event to widespread recognition and support from leaders and experts across the global industrial ecosystem. 

Developed by the Global Initiative for Industrial Safety (GIFIS) in collaboration with the United Nations Industrial Development Organization (UNIDO), Lloyd’s Register Foundation, the Global Manufacturing and Industrialisation Summit (GMIS), and the Cambridge Industrial Innovation Policy (CIIP), the manifesto sets a new global benchmark for safety and sustainability in industrial practices.

Each year, approximately three million deaths worldwide are linked to insufficient safety measures and dangerous working conditions, resulting in an economic loss of 3.9% of global GDP, according to the International Labour Organisation. Cognisant of this, the manifesto offers a strategic blueprint for stakeholders to harness technology and effectively address safety risks for workers around the world. 

In doing so, it outlines guiding principles and vital contributions required from industry, government, academia, regulators, and international organisations to accelerate the safe adoption of technology in new industrial processes and to integrate technology-enabled safety solutions in traditional industries. 

Delivering a keynote address at the event, post-launch, Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the UAE Government, said the manifesto underscores the importance of continuing to prioritise safety, security, and collaboration. 

"Partnerships, communication, and information-sharing are vital to maintaining this progress and achieving a resilient and secure future." More so, as the global cybersecurity market booms in the digital age, as recorded by yours truly in a Forbes missive from the event. 

An exciting event agenda also saw several topics of interest deliberated throughout the day-long event. Proceedings included a fireside chat hosted by yours truly on pioneering industrial resilience by leveraging technology and the pivotal role of leadership in industrial safety, with Barbara Frei, Executive Vice President Industrial Automation, Schneider Electric and Courtney Gregoire, Vice President and Chief Digital Safety Officer, Microsoft. 

Both Barbara and Courtney touched on best practices from an OT and IT perspective as industries and whole sectors embrace IIoT, AI and robotics. 

Later in the day, and to bring the event proceedings to a close, the Oilholic also moderated a panel session titled 'Built to Endure: Resilience in High-Stakes Industries.'

Panellists included Amer J Siddiqi, Executive Director, Mubadala, Hazeem Al Suwaidi, CEO, Borouge and Hesham Awda, COO, NMDC Energy Offshore. They offered their respective takes on why building resilience in high-risk industries requires a multi-faceted approach that combines technology, strong leadership, and a culture of safety. 

This now incrementally involves the deployment of advanced technologies, such as predictive analytics and machine learning, to anticipate potential disruptions before they occur.

As global supply chains become increasingly interconnected, industries’ ability to endure and adapt to challenges will be a defining factor in their long-term success, happened to be the verdict of the panel, and the wider GMIS discourse. 

Offering a parting food for thought - for governments and businesses alike, resilience has become a strategic asset that not only safeguards operations but also drives sustainable growth. Keep reading, keep it here, keep it 'crude'! 

To follow The Oilholic on Twitter click here.

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To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2024. Photo I: GMIS 2024. Photo II: Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the UAE Government speaks at GMIS. Photo III: Gaurav Sharma hosts a fireside chat with Barbara Frei, Executive Vice President Industrial Automation, Schneider Electric and Courtney Gregoire, Vice President and Chief Digital Safety Officer, Microsoft. © GMIS 2024. 

Speaking at GMIS 2024

The Oilholic is delighted to be back in Abu Dhabi, UAE for GMIS 2024, being held here on December 5 as part of the inaugural Abu Dhabi Business Week. Yours truly will be hosting one fireside chat and one panel session at the event with distinguished industry thought leaders. 

Please do join if you can for some fantastic and insightful industry dialogues. Here are the details of the sessions:

Thursday, December 5, 2024 @ 12:30 GST

Pioneering Resilience: Technology and Leadership in Industrial Safety

With: 

- Barbara Frei, Executive Vice President Industrial Automation, Schneider Electric

- Courtney Gregoire, Vice President and Chief Digital Safety Officer, Microsoft

(Click image to enlarge)

Thursday, December 5, 2024 @15:15 GST

Built to Endure: Resilience in High-Stakes Industries

With: 

- Amer J Siddiqi, Executive Director, Mubadala

- Hazeem Al Suwaidi, CEO, Borouge

- Eng. Hesham Awda, COO, NMDC Energy Offshore

(Click image to enlarge)

Keep reading, keep it here, keep it 'crude'! 

To follow The Oilholic on Twitter click here.

To follow The Oilholic on Forbes click here.

To follow The Oilholic on Motley Fool click here.

To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2024. Photo © GMIS 2024.