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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 Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.