عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Key Topics of International Petroleum Week: Saudi Gas, OPEC Deal, Shale Oil

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger
TT
TT

Key Topics of International Petroleum Week: Saudi Gas, OPEC Deal, Shale Oil

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger

International Petroleum (IP) Week kicked off on Monday in London- an event where giant oil companies meet with traders and analysts.

There were three key points that were discussed on a wide-scope among a great number of analysts and traders, which are the Saudi plans to import liquefied natural gas, the future of OPEC agreement with exterior producers and the shale oil and its solidity and continuity, especially that it is expected to increase remarkably this year.

Several topics were discussed this year, mainly prices and trends of oil. Natural gas was also among the significant topics tackled, especially that the US has become a primary exporter of natural gas.

Everyone showed optimism towards the oil market and the future of prices. The majority of Platts London Oil & Energy Forum attendants expressed optimism that the oil prices will remain between $65 and $70 in the first quarter of next year, while more than half of the attendants expected the OPEC deal to extend after 2018.

Chris Midgley, head of the Analytics Content Division at S&P Global Platts, said that the demand on natural gas will come from three new markets in the coming years: China, India and Saudi Arabia.

On Tuesday, activities of the International Petroleum (IP) Week kicked off at InterContinental London Park Lane. UAE Energy Minister Suhail Al-Mazrouei took part in the event, and during a news conference on Tuesday he said that the deal to cut oil output contributed to reducing oil surplus in the market, but the mission isn’t completed yet.

Oil stocks in developed OECD economies, which were 340 million barrels above the five-year average in January 2017, were just 74 million barrels above that level last month, Ayed Al Qahtani, OPEC’s head of research, told a conference.

Most Viewed

 
 
Business

Riyadh, Tokyo Seek to Expand Cooperation in Clean Energy Technology and Green Hydrogen

Construction work at Expo Osaka 2025 exhibition in Japan. Asharq Al-Awsat
Construction work at Expo Osaka 2025 exhibition in Japan. Asharq Al-Awsat
TT
TT

Riyadh, Tokyo Seek to Expand Cooperation in Clean Energy Technology and Green Hydrogen

Construction work at Expo Osaka 2025 exhibition in Japan. Asharq Al-Awsat
Construction work at Expo Osaka 2025 exhibition in Japan. Asharq Al-Awsat

Tokyo has said it was willing to expand cooperation with Riyadh in areas such as new sensitive technologies, clean energy technology, green hydrogen and ammonia production, while working on a plan to increase trade with the Kingdom and deepen research and scientific cooperation.

Several departments in Japan's Ministry of Economy, Trade, and Industry told Asharq Al-Awsat that Japanese-Saudi dialogue on clean energy is ongoing, lauding the signing of a memorandum of understanding (MoU) in clean energy and clean ammonia in 2022, as well as an MoU on carbon recycling between the two countries.

The ministry told Asharq Al-Awsat that the objective is to achieve zero carbon by 2050 in Japan and by 2060 in Saudi Arabia. It said Saudi Arabia has natural resources in solar and wind energy, along with minerals that enable Japan to provide energy efficiency technology and materials, fostering integration between the two countries in the relevant fields.

It also said that Saudi Arabia is Japan's top destination for crude oil imports, accounting for 40%. The Japanese government will continue to cooperate in the energy sector, the ministry added. Additionally, the government is encouraging the private sector and Japanese companies to invest in the Kingdom, and expects to expand bilateral work in areas such as mining, clean energy, green hydrogen, and ammonia.

Professor Gento Mogi, Deputy Director of the Mohammed bin Salman Center for Future Sciences and Technology for Saudi-Japan Vision 2030 (MbSC2030) at the University of Tokyo, told Asharq Al-Awsat that the cooperation supported by the center goes beyond relying on trade, crude oil purchases, and technology products and cars. It includes training and development for human resources, academics, researchers, and scholarship students, with 16 projects involving 15 university professors.

According to Mogi, the University has dedicated part of its cooperation with institutions, centers, and academic institutes outside the university, and in Saudi Arabia, it is implementing a five-year initiative that will end in June 2025, with hopes of extending it for another five years.

Saudi-Japanese trade

The Japan External Trade Organization (JETRO) expects an increase in bilateral trade, indicating that Japan exported products worth $6.359 billion, including cars, technology, and electronics, while it imported from Saudi Arabia goods worth more than $34 billion, with 98% of that being crude oil.

JETRO revealed to Asharq Al-Awsat its plan to increase infrastructure products and establish smart cities to enhance cooperation between the two countries, saying Saudi Arabia's Vision 2030 has opened broad opportunities for collaboration between the countries.

JETRO also said that it is working to meet a rising Saudi demand for Japanese products, as well as an increasing interest in Saudi products. Joint exhibitions between companies in both countries are working to boost trade and demand for Saudi-Japanese products, it added.

The operations department of the Expo Osaka 2025 exhibition confirmed that Saudi Arabia will have a strong participation in the exhibition.