Kuwait hosts global petroleum market summit

Petroleum industry officials gathered for a summit in Kuwait City.
Petroleum industry officials gathered for a summit in Kuwait City.

The Kuwait Petroleum Corporation (KPC) and Petroleum Economist magazine hosted the second annual Energy Strategy Forum, a summit of petroleum industry officials, in Kuwait City on Tuesday as the industry looks to respond to falling oil prices and shifting demand.

The gathering of approximately 300 invitation-only oil company executives, government officials, economists, investors and bankers heard forecasts from industry officials on the year ahead. The group was expected to address major changes in the way petroleum products are distributed as well as respond to concerns about prices and political instability in key production centers.

"For 2016, I expect continuing low oil prices, possibly with some recovery, with further pressure on prices as and when full Iranian production returns," Qamar Energy CEO Robin Millis said. "Major oil exporters will continue with more aggressive budgetary measures and economic reform, including subsidy reductions. The small, but not negligible, risk does remain of a major geopolitical flare-up disrupting oil supplies."

Other speakers scheduled for the event included Kuwait Minister of Finance and Acting Minister of Oil Anas al- Saleh; Iraq Minister of Oil Adel Abdul-Mahdi; KPC Deputy Chairman and CEO Nizar Al-Adsani; Natonal Bank of Kuwait General Manager, Foreign Corporate, Oil and Trade Finance Group Pradeep Handa; Abu Dhabi Marine Operating Company CEO Ali Rashid Al Jarwan; and Upstream International Vice President Sharbini Suhaili.

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Kuwait Petroleum Corp.

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