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Riyadh to Host First Gathering of Energy Economies in the Middle East  

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)
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Riyadh to Host First Gathering of Energy Economies in the Middle East  

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)

Preparations are underway in Riyadh to host the Energy Economics Conference, which is being organized by the International Association for Energy Economics (IAEE), for the first time in the Middle East and North Africa region. 

Under the slogan, “Pathways to a Clean, Stable and Sustainable Energy Future”, the conference will be held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) from February 4 to 9, 2023. It will bring together policy makers, academic and corporate and non-government organizations, to present, discuss and debate critical challenges and solutions surrounding the unfolding energy trilemma. 

An official statement on Sunday pointed to the importance of the conference “in light of rising energy costs and increasing pressures to transition from fossil fuel reliance to clean and renewable alternatives.” 

The statement added: “Individuals, businesses, industries, and nations require a long-term balance between energy reliability, affordability, and sustainability.”

“The foundations for successful post-conference outcomes have already been laid with Egypt’s recent hosting of COP27. The event also has the potential to consolidate the wider region’s climate change leadership credentials ahead of COP28 in the UAE in 2023.”

Fahad Alajlan, President of KAPSARC, said: “As accelerating the energy transition becomes ever more imperative for achieving net zero and definitively overcoming the evolving climate crisis in due course, the global community has a unique opportunity to work together to realize mutual aspirations.” 

He continued: “The 44th IAEE Conference represents another key chapter in facilitating dialogue and exchanging knowledge and innovation on the local, regional, and international levels and we are proud to be hosting an event of such profile and influence.” 

Dr. Majid Al Moneef, chairman of the Saudi Association for Energy Economic (SAEE), said: “This timely conference will address the energy and environmental issues facing the region and the world.” 

The event program will feature over 11 plenary sessions and three workshops, beginning with an inaugural speech by Prince Abdulaziz bin Salman Al Saud, Saudi Minister of Energy and KAPSARC’s Chairman of the Board of Trustees.

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Ukraine Threatens to Halt Transit of Russian Oil to Europe

A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
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Ukraine Threatens to Halt Transit of Russian Oil to Europe

A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo

A top aide to Ukrainian President Volodymyr Zelensky on Friday said Kyiv would halt the transit of Russian oil across its territory at the end of the year, when the current contract expires and is not renewed.

Mykhailo Podolyak said in an interview with the Novini.Live broadcaster that current transit contracts for Russian supplies that run through the end of the year will not be renewed.

“There is no doubt that it will all end on January 1, 2025,” he said.

Kiev says it is prepared to transport gas from the Central Asian countries or Azerbaijan to Europe, but not from Russia, as it is crucial for Ukraine to deprive Russia of its sources of income from the sale of raw materials after it attacked its neighbor well over two years ago.

The contract for the transit of Russian gas through Ukraine to Europe between the state-owned companies Gazprom and Naftogaz ends on December 31.

Despite the launch of Russia's full-scale invasion of Ukraine in February 2022, the Ukrainians have fulfilled the contract terms - in part at the insistence of its European neighbors, especially Hungary.

But the leadership in Kiev has repeatedly made it clear that it wants the shipments to end.

Meanwhile, the Czech Republic energy security envoy Vaclav Bartuska said on Friday that any potential halt in oil supplies via the Druzhba pipeline through Ukraine from Russia from next year would not be a problem for the country.

Responding to a Reuters question – on comments by Ukrainian presidential aide Mykhailo Podolyak that flows of Russian oil may stop from January – Bartuska said Ukraine had also in the past warned of a potential halt.

“This is not the first time, this time maybe they mean it seriously – we shall see,” Bartuska said in a text message. “For the Czech Republic, it is not a problem.”

To end partial dependency on the Druzhba pipeline, Czech state-owned pipeline operator MERO has been investing in raising the capacity of the TAL pipeline from Italy to Germany, which connects to the IKL pipeline supplying the Czech Republic.

From next year, the increased capacity would be sufficient for the total needs of the country’s two refineries, owned by Poland’s Orlen, of up to 8 million tons of crude per year.

MERO has said it planned to achieve the country’s independence from Russian oil from the start of 2025, although the TAL upgrade would be finished by June 2025.

On Friday, oil prices stabilized, heading for a weekly increase, as disruptions in Libyan production and Iraq’s plans to curb output raised concerns about supply.

Meanwhile, data showing that the US economy grew faster than initially estimated eased recession fears.

However, signs of weakening demand, particularly in China, capped gains.

Brent crude futures for October delivery, which expire on Friday, fell by 7 cents, or 0.09%, to $79.87 per barrel. The more actively traded November contract rose 5 cents, or 0.06%, to $78.87.

US West Texas Intermediate (WTI) crude futures added 6 cents, or 0.08%, to $75.97 per barrel.

The day before, both benchmarks had risen by more than $1, and so far this week, they have gained 1.1% and 1.6%, respectively.

Additionally, a drop in Libyan exports and the prospect of lower Iraqi crude production in September are expected to help keep the oil market undersupplied.

Over half of Libya’s oil production, around 700,000 barrels per day (bpd), was halted on Thursday, and exports were suspended at several ports due to a standoff between rival political factions.

Elsewhere, Iraq plans to reduce oil output in September as part of a plan to compensate for producing over the quota agreed with the Organization of the Petroleum Exporting Countries and its allies, a source with direct knowledge of the matter told Reuters on Thursday.

Iraq, which produced 4.25 million bpd in July, will cut output to between 3.85 million and 3.9 million bpd next month, the source said.