Ministers and oil industry chiefs are gathering for the biggest energy conference in the Middle East as crude heads toward $100 a barrel. Whether prices can hold at these levels and the outlook for OPEC+ supply cuts are among topics that will be discussed from Monday.
But this year, climate is looming large over the forum. Delegates at the annual Adipec summit in Abu Dhabi, which has been dominated by oil in its long-running history, will devote a lot of their time to the energy transition. The meeting comes just two months ahead of the United Arab Emirates also hosting the crucial COP28 conference.
Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition. UAE Energy Minister Suhail Al Mazrouei and OPEC Secretary-General Haitham al-Ghais are also scheduled to speak.
All times UAE:
Oil Markets Will Continue to Tighten, Halliburton Says (9:18 am)
There’s a lot of support for oil prices and the market will continue to tighten, Halliburton Co. Chief Executive Officer Jeff Miller said in a Bloomberg TV interview at the Adipec conference.
The company is returning cash for our shareholders, he said.
Also read: Halliburton Sees US Gas Glut Freeing Up Gear for Oil Explorers
Deeper OPEC+ Production Curbs Unlikely: Eni (9:00 am)
The Organization of Petroleum Exporting Countries and its allies are unlikely to deepen their production cuts, Eni SpA CEO Claudio Descalzi said in a Bloomberg TV interview. Crude prices in London rose almost 10% last month as ongoing supply curbs squeeze the market.
A lack of investments in projects is the main issue for oil, while demand remains strong, Descalzi said.
--With assistance from Nayla Razzouk, Ben Bartenstein, Leen Al-Rashdan, Salma El Wardany and Yousef Gamal El-Din.
