| 16 April 2024, Tuesday |

Oil States Agree to Maintain OPEC+ Agreement to Achieve Energy Market Balance

Major oil countries have stressed the need to adhere to the OPEC+ agreement, due to its paramount importance in balancing the energy market and avoiding future uncertainties.

This came during the International Petroleum Technology Conference 2022 (IPTC), which kicked off in Riyadh on Sunday, with the participation of experts and stakeholders from 70 countries and more than 300 international companies, to discuss global recovery through sustainable energy.

In a speech during the inauguration ceremony, Saudi Energy Minister Prince Abdulaziz bin Salman said that the pandemic and the recovery underway “have taught us the value of caution.”

He added that a global focus on renewable energy components alone would be a “huge mistake”, because economic development necessitated various energy sources.

The minister noted that campaigns against oil and gas investments were “short-sighted, and will have an impact on global welfare.”

In this regard, he stressed that the Kingdom would continue to invest in clean energy and sustainability projects, while expanding production at the same time.

Prince Abdulaziz added that the Kingdom was working on three energy pillars, namely ensuring energy security, continuing to develop the economy, and confronting climate change by reducing carbon emissions.

Kuwaiti Oil Minister Dr. Mohammad Al-Fares said any radical changes in the OPEC+ agreement might cause an imbalance in the market.

On how to promote global recovery, he said: “We must invest in education, youth, training and curriculum development to raise awareness on energy transition…”

Nasir Al-Naimi, SVP Upstream at IPTC 2022 and First Vice President of Exploration and Production in Saudi Aramco, said Riyadh was selected to host the international event in order gather the largest possible number of leaders and global opinion makers.

He noted that the conference was sponsored by four international petroleum organizations and associations, making it one of the most important events in the oil sector in the Middle East.

IPTC is sponsored by four industry organizations and societies, namely the American Association of Petroleum Geologists (AAPG); the European Association of Geoscientists and Engineers (EAGE); the Society of Exploration Geophysicists (SEG); and the Society of Petroleum Engineers (SPE).

Al-Naimi added that the gathering would witness the dissemination of modern and current technology, best practices and multi-disciplinary activities. Moreover, international experts and strategists will share their views on timely industry topics and trends, exchange expertise and experience, present state-of-the-art technology and innovation, and stimulate further research of technical and business activities.

The plenary session of senior executives for this year’s edition will be held under the title, “Enhancing Global Recovery through Sustainable Energy”.

The conference will host speakers such as President and CEO of Saudi Aramco Amin Nasser, President and Group CEO of Malaysian Petronas Tengku Muhammad Taufik, CEO of Schlumberger Olivier Le Peuch, President and CEO of Occidental Petroleum Vicki Hollub, and CEO of Pioneer Natural Resources Scott Sheffield, among others.

  • Asharq Al-Awsat