OPEC, UAE Announce Project Launch for Comprehensive Oil, Gas Data Analysis

The OPEC Secretariat and the UAE Ministry of Energy have embarked on the Oil and Gas Big Data Project, aimed at developing a sophisticated, comprehensive and easy-to-use multi-dimensional big data tool for analyzing publicly available oil and gas data, according to official statement.

MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) and the United Arab Emirates (UAE) announced on Tuesday the upcoming launch of the Oil and Gas Big Data Project aimed at systematizing publicly available statistics on oil and gas production, according to a press release published by the cartel.

"The OPEC Secretariat and the UAE Ministry of Energy have embarked on the Oil and Gas Big Data Project, aimed at developing a sophisticated, comprehensive and easy-to-use multi-dimensional big data tool for analyzing publicly available oil and gas data," the press release states.

The project’s platform is expected to utilize many high-standard analytic tools, interactive maps, charts and data tables capable of displaying raw figures, and the cross comparison of time series between countries, flows and products, according to the cartel.

According to the organization, the first phase of the project will be officially kicked off in the framework of the third GCC Petroleum Media Forum in Abu Dhabi on April 19–20, while the first results and the launch of the second phase are expected for the Abu Dhabi International Petroleum Exhibition & Conference in mid-November.

Analysis of publicly available energy data has become especially relevant in the past months since OPEC is monitoring the implementation of oil production cuts by major oil producers of around 1.8 million barrels per day under the deal in order to stabilize the energy market and revive oil prices. The agreement was made in December 2016 and is set to expire in June.