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Industry Headlines

Offshore Production Nearly 30% of Global Crude Oil Output

Wednesday, 26 October 2016  |  Chris Guy

Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for...



Industry Headlines

Honeywell and Flowserve Collaborate on IIoT Solutions


Honeywell and Flowserve will collaborate to provide Industrial Internet of Things (IIoT) for industrial customers. The collaboration will be part of the Honeywell INspire program, Honeywell's joint customer development program for its IIoT ecosystem.

Honeywell and Flowserve have a long history of colla...


Train Named Executive President of Emerson Automation Solutions


Emerson recently named new senior leadership appointments to its Office of the Chief Executive who now report directly to chairman and CEO David N. Farr, and help develop and guide the company’s global strategies.

Michael H. Train’s new title is executive president of Emerson Automation Sol...


Offshore Production Nearly 30% of Global Crude Oil Output


Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 t...


New 2017 Construction Starts Increasing 5% to $713 Billion


The 2017 Dodge Construction Outlook predicts that total U.S. construction starts for 2017 will advance 5% to $713 billion, following gains of 11% in 2015 and an estimated 1% in 2016.

Manufacturing plant construction will increase 6%, beginning to recover after steep declines in 2015 and 2016 that refle...


Richmond Fed: Manufacturing Rises But Remains Sluggish


Manufacturing activity fifth district (MD, DC, VA, WV, NC, SC) remained sluggish in October, according to the most recent survey by the Federal Reserve Bank of Richmond. New orders and backlogs decreased this month, while shipments flattened. Hiring activity strengthened mildly across firms and wage i...


Consumer Confidence Retreated in October


The Conference Board Consumer Confidence Index, which had increased in September, declined in October. The index now stands at 98.6, down from 103.5 in September. The present situation index decreased from 127.9 to 120.6, while the expectations index declined from 87.2 last month to 83.9.



Market Outlook 2012: The Winds of Change


Attendees at this year’s VMA Market Outlook walked into the meeting room with a bit of shell shock. The stock market fluctuated wildly in the days leading up to the Aug. 11-12 event in Boston following weeks of tough U.S. federal budget negotiations and the downgrading of the U.S. credit rating for the first time in history. Sara Johnson, senior research director of IHS Global Insight, called the events “headwinds” blowing against what had been expected. She said the year 2011 had been filled with such unusual occurrences, including the Japanese earthquake/tsunami earlier that year as well as other natural disasters and political upheavals.

But attendees were soon to learn that outlook speakers, while they admitted some figures might need to be adjusted for the remainder of 2011, felt their overall prediction was on track—the valve and actuator industry will see a brighter 2012.

“I hope as you leave here today, you leave uncertainty behind and realize things are not as bad as you may have thought. There is still force in our sails … it just might be time to adjust those sails to the prevailing winds,” Alan Beaulieu, president, Institute for Trend Research, emphasized.


Common Themes

It’s a different world: There wasn’t much talk this year about looking to the past to respond to the future. That’s because almost every presenter pointed out that the world and this nation are in a unique economic situation. Most said to expect the rocky stock market in the U.S. to remain volatile and that while the nation is in recovery mode, it’s going to be a long steady climb back to the prosperity we experienced just before the Great Recession.

Shining stars burning brightly: India was ­mentioned by more speakers this year than at any previous workshop. The country began a climb toward prosperity in the 1990s when ­economic reforms went into effect. It did not suffer the consequences of some other nations during the recent economic woes so it is one of today’s ­shining stars. Brazil continues to prosper and was mentioned by many speakers as a good place to do business. China is still a tough ­contender for business, but it has experienced high inflation rates and other challenges that may mean some business returning to U.S. soil.

Renewables are catching hold: This is the first workshop where one session was devoted to renewable energy sources, but it wasn’t just that speaker who explained why. From international reports on global warming to new technologies that make renewables more cost effective to unfavorable attitudes toward coal, speakers gave reasons why wind, solar, biofuels, biomass, hydropower and other new sources of energy are gaining ground.

Shale drilling “rocks”: Any of the speakers who addressed energy, petroleum or related products mentioned the changes in this country that are occurring because of shale drilling both here and in Canada. Gas prices remain low; drilling has increased; more drilling is occurring on-shore; new technologies are increasing outputs; new shale sources are being discovered. All of these shale drilling developments mean less reliance by North America on foreign sources of fuel.

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