“When you change the way you look at things, the things you look at change.” – Wayne Dyer
It’s been historically proven that global oil prices are volatile and cyclical. At present, we again are facing another cyclical low period with oil prices continuing to plummet. The good news is that it is only a matter of time before oil prices inevitably start to go up again. The president of Halliburton, Jeff Miller, shared his insights on the matter during the company’s Q4 financial results press conference: “Although oil demand growth expectations for 2015 have weakened, it is still growth. Demand is forecasted to increase by an estimated 900,000 barrels per day. Internationally, decline rates have become more pronounced in several key markets over the last couple of years. In areas like Angola, Norway, and Russia historical growth has given way to net production declines in the last year”.
Given his reassurances, the state of the current oil market comes ultimately down to pure demand and supply. We will very likely have a better picture of the future of the industry by the end of the current year, but oil prices will inevitably be on the rise again.
During such periods of low oil prices, smart businesses shift the focus of their time and resources internally. Most specifically, they concentrate their efforts in human resources training and development, as well as in refining their systems and internal capabilities in order to be prepared to capitalize on imminently rising oil prices. Internal processes improvements can transform businesses and lead to innovation which creates a new dimension of performance. The successful implementation of effective training, Project Management systems refinement and coaching empower companies to improve and align their processes with organizational strategy, so that they provide more value and better fulfill the needs of internal and external customers alike.