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Saudi Arabia to Host IPTC Every 2 Years

A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Saudi Arabia to Host IPTC Every 2 Years

A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi Aramco started preparing for the International Petroleum Technology Conference (IPTC) 2022 that will be held in Saudi Arabia every two years.

The 12th edition of the IPTC, the largest international oil and gas conference, concluded in Dhahran on Wednesday. It was held under the patronage of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

The conference attracted a record 18,000 attendees and over 1,200 organizations from more than 70 countries, as well as over 250 exhibiting companies.

The Saudi cabinet, which on Wednesday held a meeting chaired by the Custodian of the Two Holy Mosques, welcomed the opening of the 12th International Petroleum Technology Conference in the Kingdom, stressing that it was in line with Saudi Vision 2030.

There were prominent speakers such as Saudi Minister of Energy Prince Abdulaziz bin Salman, Aramco Chairman Yasir Rumayyan, Bahrain’s Minister of Oil Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa, Chief Executive Officer of Total Patrick Pouyanne, and Chairman and Chief Executive Officer of ExxonMobil Darren W. Woods.

Aramco’s Senior Vice President of Upstream Mohammed Y. al-Qahtani affirmed that “the IPTC was the first international multi-disciplinary, inter-society oil and gas conference and exhibition held in Saudi Arabia.”

“The Kingdom, with some of the world’s largest oil reserves, occupies a unique position at the crossroads of Europe, Africa and Asia, making it a fitting location for one of the largest and most prestigious international conferences for petroleum engineering,” he said.

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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.