AGSIW Energy Roundtables
A protracted period of dramatically lower oil prices has ushered in momentous challenges for Gulf Arab states and oil producing countries around the world. Oil markets are in uncharted territory, transformed by the advent of U.S. shale oil, set adrift by OPEC’s policy of pursuing market share, weighed down by a massive supply surplus, and searching for a new, higher price floor. The fiscal pressures brought on by lower oil prices have set in motion long-awaited economic restructuring of government-related entities and a fundamental shift in domestic energy policies of Gulf oil exporters. But as the Gulf states prepare for a post-oil economy, the renewable energy sector offers opportunity for investment, economic growth, and sustainability.
As part of the Energy roundtable series, AGSIW explores the drivers of the oil price outlook, upstream oil investment strategies, economic and energy policy reforms in the Gulf Cooperation Council, and renewable energy.
April 19, 2017
AGSIW was pleased to host a roundtable discussion with Majid Jafar, CEO of Crescent Petroleum, in conversation with Roger Diwan, vice president of IHS Financial Services at IHS Markit. Jafar began by outlining how the energy sector has changed over the years. About 20 years ago, oil was $12 dollars per barrel and natural gas was $60 dollars per barrel. Inversely, oil is now $60 dollars per barrel and natural gas is $12 dollars per barrel. The United States is converting import terminals to export terminals to compete with countries like Qatar, and is already supplying markets in the Gulf Arab states. Jafar identified a unique combination of factors that have brought success to the United States, such as the trading prices of crude and gas, unrivaled pipeline infrastructure, and the depth of capital markets.
March 10, 2017
AGSIW hosted a discussion with Ibrahim Al-Muhanna, former advisor to the minister of energy, industry, and mineral resources of Saudi Arabia. International oil markets have entered an unprecedented era of change following the extraordinary rise of technology-driven shale oil production in the United States, and the deep decline in global energy prices to which it has contributed. Al-Muhanna addressed OPEC policy, cooperation with other oil producing countries, and the outlook for the international oil market.