Energy & Environment

Global Oil Leaders Speak In Houston On Industry’s Path Forward

The Saudi energy minister said global oil demand remains high, but investors need to do more.

Daniel Yergin, Vice Chairman of IHS Markit, speaks with Saudi Arabian Energy Minister Khalid Al-Falih at the 2017 CERAWeek conference in Houston.

Oil leaders from around the world gathered in Houston Tuesday to talk about the industry’s path forward. They gave a sense of cautious optimism in the wake of stabilizing oil prices.

Russia’s Energy Minister Alexander Novak spoke about what he called a “positive mood” at this year’s CERAWeek by IHS Markit industry conference. He said he feels there’s “untapped potential” between the U.S. and Russia when it comes to energy, and that Russia is open to foreign investments.

Saudi Arabia’s Energy Minister Khalid Al-Falih said global oil demand remains high, but investors need to do more.

“I am concerned that misguided projections of peak demand and stranded petroleum resources may discourage the trillions of dollars of investment needed to underpin essential oil and gas supplies during the long transformation of our global energy system,” he said.

OPEC’s Secretary General Mohammad Barkindo gave an update on the organization’s recent agreement to cut oil production.

“That commitment remains very high to reach our ultimate goal of 100% conformity,” he said.

The Saudi energy minister said his country will wait to decide whether to extend its cuts. He suggested that could depend whether other countries do the same, saying Saudi Arabia “will not bear the burden of free riders.”

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