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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
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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.

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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.

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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)
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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)

The European Commission on Saturday urged EU member countries to lower their target for filling natural gas storage in the coming months, to alleviate price pressures caused by the war in the Middle East.

EU energy commissioner Dan Jorgensen sent a letter asking to "consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants", down from the usual 90 percent goal.

Iran's retaliation for the US-Israeli war launched against has included attacks on Gulf neighbors, effectively closing the strategic Strait of Hormuz to tankers.

Oil prices have soared more than 50 percent since the start of the war, which was triggered on February 28, and natural gas prices in the EU have risen by more than 30 percent.

The price shock is expected to lead to a higher pace of inflation, and dampen economic growth.

While Europe is entering its warmer months, this is the period its countries refill their gas storage in preparation for winter.

With higher gas prices, though, and elevated risk for supply, the EU is facing competition with Asia for supply.

"Developments in Iran and the wider region threaten regional and global security," Jorgensen said in his letter.

"When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets."

He said that the EU's gas supply "remains relatively protected at this stage", as it gets most of its liquefied natural gas from the United States.

"But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections."

Consequently, Jorgensen said, EU countries should look to refill stores early, and do so over a longer period, "to mitigate pressure on prices and avoid (an) end-of-summer rush".

He noted that, in case of "difficult conditions" and a commission assessment, the countries can deviate from the target by up to 20 percent.

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Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
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Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo

Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the US-Israeli war on Iran, traders said on Saturday.

Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms.

Refiners in India, which has much smaller crude stockpiles than other big Asian oil importers, rushed to book Russian oil after the US recently lifted sanctions temporarily. The Indian government could not be immediately reached for comment outside office hours.

Other Asian refiners are making checks to see if they can purchase the oil, several ⁠people with knowledge ⁠of the matter said.

The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, US Treasury Secretary Scott Bessent said.

The waiver applies to oil loaded on any vessel, including sanctioned tankers, on or before March 20 and discharged by April 19, according to the Office of Foreign Assets Control. It is the third time the US has temporarily waived sanctions on oil since the start of the war.

About ⁠170 million barrels of Iranian crude are at sea, said Emmanuel Belostrino, Kpler’s senior manager for crude oil market data, on ships scattered from the Middle East Gulf to the waters near China.

Consultancy Energy Aspects on March 19 estimated 130 million to 140 million barrels of Iranian oil on water, equivalent to less than 14 days of current Middle East production losses.

Asia relies on the Middle East for 60% of its crude supply and the near-closure of the Strait of Hormuz this month is forcing refineries across the region to run at lower rates and cut fuel exports.

Trump re-imposed sanctions on Iran in 2018 over its nuclear program. Since then, China has become Iran's main client with its independent refiners buying 1.38 million barrels per day (bpd) ⁠last year, Kpler ⁠data showed, attracted by deep discounts as most countries shunned the crude due to the sanctions.

Potential complications for buying Iranian oil include uncertainty over how to pay for it and the fact that a large share of it is aboard aging shadow fleet ships, traders said.

Also, some former purchasers of Iranian oil were contractually obligated to buy from National Iranian Oil Co., two refining sources said. However, since the US re-imposed sanctions in late 2018, Iranian oil has been sold in significant part by third-party traders.

"It usually takes some time to work through compliance, administration and banking, etc., but I guess people will try to work ASAP," a Singapore-based trader said.

According to Reuters, the sources declined to be named due to company policy.

Other than China, major buyers of Iranian crude before sanctions were re-imposed included India, South Korea, Japan, Italy, Greece, Taiwan and Türkiye.