Believe it or not, for the last 18 years, the world’s oil giants have utilized Yahoo! Inc.’s Messenger as their default communication tool for commodity trading. In North America, Canada is a huge user of Yahoo! Messenger, allowing commodity traders to ask about oil production, bid on crude, and ultimately seal deals within upstream and midstream Energy. With recent news that Yahoo!’s CEO Marissa Mayer intends to eliminate up to 15% of the company’s workforce and discontinue Yahoo! Messenger, many crude oil and petroleum movers are looking for alternatives that not only allow for chatter, but enable traders to expedite contracts and enhance the trading process. Continue reading to learn about legacy Yahoo! Messenger alternatives for commodity trading.

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The Organization of the Petroleum Exporting Countries, OPEC, is on top amongst oil production entities. According to The Wall Street Journal, Middle Eastern oil production went up to a record-high 31.5 million barrels of crude per day in June. In comparison, the United States produced 12.45 million barrels per day, more than 19 million barrels less than OPEC. OPEC owns 35% of the market share and it looks like they’re not stopping there. With non-OPEC nations expected to fall by 900,000 barrels per day, OPEC looks to solidify themselves as the world’s leading oil producing organization. But how does this affect us at the pump here in North America?

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Within the upstream energy sector, there are numerous gears that need to move seamlessly in order to produce oil. Operations, exploration, facilities, production, exploitation, drilling and other important departments must work together to quickly discover and produce crude. Many upstream energy businesses are still using paper to file and manage documents within the aforementioned departments. Previously, only large companies could afford cloud technology, but now cloud technology is facilitating more mid-size and small upstream businesses to reduce the environmental impact of paper processes and improve operational results at reduced operational costs. Here are three reasons why upstream energy should adopt cloud technology to reduce paper processes.

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