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.
