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Volume 42 Issue 2
trends in the wolrd oil market
and the role of OPEC member
countries in maintaining the
oil market’s stability. He also
tackled the implications of low
oil prices for Iraq’s economy.
Mr Nizar Al Adsani,
Chief Executive of Kuwait
Petroleum Corporation opened
proceedings, stating that low
oil prices are still prevailing
the oil market since mid-2014;
and they might drop even
further for a longer time. This
constitutes a major challenge
for the oil industry; however,
it provides opportunities for
structural reform in the industry
which will benefit regional
economies in the longer term.
Mr Al Adsani also introduced
Kuwait’s oil sector strategy for
the year 2030.
The
forum’s
sessions
tackled the following:
• A new dynamic of global
oil supply and demand?
The panel discussed current
developments in the world oil
market, current and future role
of OPEC member countries, the
impact of geopolitical factors
on the world’s oil supplies,
and the role of natural gas and
renewables in the world energy
mix.
• Diversifying
revenues
through petrochemicals
The
panel
discussed
current and future trends of
the petrochemicals industry in
Kuwait locally and externally
in light of the current world
oil
market
developments,
especially the drop of oil prices
and the impact on postponing
or halting of some oil projects
including petrochemicals.
• Finance and governance
The panel discussed the
future of petroleum projects
funding in the Arab region, the
impact of the volatility in oil
price on petroleum projects,
current and future trends in the
world financial markets and
their implications for petroleum
projects, and the role of national
oil companies in the 21st
century.
Al Saleh:
Determined to
Continue with owr
2030 strategy