UAE’s Adnoc to convene virtual global energy roundtabe

Abu Dhabi: The world’s leading oil, gas, and petrochemical CEOs will join a virtual roundtable hosted by the Abu Dhabi National Oil Company (Adnoc) next week to discuss the energy sector’s most pressing challenges and its post COVID response.

The invitation-only gathering is the fifth CEO roundtable, highlighting Abu Dhabi’s global role in the oil and gas industry. The roundtable’s agenda will include topics on business continuity, safeguarding people and positioning the global energy industry on to the path of recovery.

“The Abu Dhabi CEO Virtual Roundtable is a great opportunity to share best practices and exchange views, as we continue to meet the health and economic challenges of COVID-19,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc group CEO.

“The oil, gas, and petrochemical industries will play an essential role in enabling economies as they begin to re-open by providing reliable, affordable, and sustainable supplies of energy,” he added, pointing to the energy sector’s role in the post pandemic economic recovery,” he added.

“The roundtable also provides a timely platform to share perspectives on how to produce more energy with fewer emissions, a goal that ADNOC is focused on as we aim to be among the lowest cost and lowest carbon producers in the world,” Dr Al Jaber said.

In addition to Dr. Al Jaber, the roundtable will include Patrick Pouyanné, Chairman and CEO, Total; Bernard Looney, CEO, BP; Claudio Descalzi, CEO, ENI; Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited; Takayuki Ueda, President and CEO, INPEX; and Dai Houliang, Chairman, CNPC.

The roundtable meeting also comes as oil prices continue to recover, with Opec+ recently agreeing to extend production cuts of 9.6 million barrels per day throughout the month of July as the body looks to rebalance oil markets. The recovery in oil prices, which witnessed historic slumps back in April, has seen global benchmark Brent crude trading above $40 in as many months.

And in their latest analysis, Rystad Energy said that production cuts by Opec+ have altered oil market conditions from a previous glut to a production deficit.

“June is now already set for a global production deficit of about 1.5 million bpd. The imbalance is forecast to reach 4.6 million bpd in July, 4.2 million bpd in August and, after being reduced a little during the remainder of 2020, peak at 5.2 million bpd in January 2021,” their report said.