Int’l Conference Kicks Off in Dubai to Address Challenges Facing Gas, Hydrogen Industry

The three-day event will feature an influential strategic conference and technical sessions and an industry leading exhibition. (Asharq Al-Awsat)
The three-day event will feature an influential strategic conference and technical sessions and an industry leading exhibition. (Asharq Al-Awsat)
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Int’l Conference Kicks Off in Dubai to Address Challenges Facing Gas, Hydrogen Industry

The three-day event will feature an influential strategic conference and technical sessions and an industry leading exhibition. (Asharq Al-Awsat)
The three-day event will feature an influential strategic conference and technical sessions and an industry leading exhibition. (Asharq Al-Awsat)

Gastech, the world’s foremost exhibition and conference supporting the gas, Liquefied natural gas (LNG), hydrogen and energy industry, kicked off in Dubai on September 21, bringing together 15,000 global industry professionals.

The three-day event is scheduled to address the challenges facing the industry.

It will feature an influential strategic conference and technical sessions and an industry leading exhibition, enabling the gas, LNG, hydrogen, and energy industry to engage face-to-face with the challenges of environmental agendas, leveraging technology and new means of working to match changing market requirements.

Dr. Sultan Ahmed al-Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Chief Executive Officer of the Abu Dhabi National Oil Company, will deliver the official ministerial welcome address.

As part of Gastech 2021’s opening ceremony, a ministerial panel will share insights into the role of natural gas in the energy transition, the hydrogen economy and what actions are needed to meet the growing demand for energy and cleaner fuels.

Among the participants are Suhail Mohamed al-Mazrouei, UAE Minister of Energy and Infrastructure, Eng. Saad Sherida al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and Chief Executive Officer of Qatar Petroleum, Dr. Alparslan Bayraktar, Turkey’s Deputy Minister of Energy and Natural Resources, Arifin Tasrif, Indonesia’s Minister of Energy and Mineral Resources, and Mohammad Barkindo Sanusi, Secretary-General of OPEC.

“Gastech 2021’s Strategic Conference will address the hard facts about the transition to net-zero carbon emissions,” Christopher Hudson, President of DMG events, organizers of Gastech, explained.

It will also tackle the “enormous challenge the industry, regulators and end users will have to embrace to meet the commitments of the Paris Accord on climate change mitigation and support the industry leadership in drawing up the road map to a carbon neutral and sustainable future,” he added.

Gastech’s exhibition will also showcase the latest digital technology and solutions that will positively impact gas, LNG, hydrogen, and energy industry operations for years to come, Hudson stated.

Key topics to be discussed include decarbonization and emissions management, financing and project investment, adapting business models in a post-COVID world.

Participants will also discuss the integrated energy suppliers, gas and LNG supply and demand dynamics, the potential for hydrogen to play a key role during the energy transition, diversification of the future workforce, trading, contracting and pricing, as well as EPC and project progress/updates and climate policies and the role for gas.

Taking place simultaneously, the Gastech Technical Conference features five learning streams – Hydrogen, Marine, EPC and Project, Processing and AI and Technology.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.