A new global project to help analyse publicly available oil and gas data has been announced.
The Organisation of the Petroleum Exporting Countries (OPEC) Secretariat and the UAE Ministry of Energy said the first phase of the Oil and Gas Big Data Project will be launched later this month.
The platform will consist of a set of analytic tools, maps and data tables, employing data-driven approaches, optimisation and statistical analysis techniques.
It will initially be linked to publicly available oil market databases and will have the capacity to display raw figures, cross-comparing time series between countries and products.
Future planned expansions of the project will introduce advanced information technology as well as statistical and optimisation methods.
OPEC states: “The Oil and Gas Big Data Tool has the potential to fill the existing data analytics gap, placing available oil and gas data at the fingertips of market stakeholders and becoming the go-to analysis platform for comprehensive, well-presented, user-friendly and transparent oil and gas related information.”
The organisation’s latest report revealed global oil supply decreased by 230,000 barrels a day from February to March.