- Everybody is predicting a surplus of supply starting from the 1st or 2nd quarter next year
- Inventories have stopped drawing, which shows there is no deficit at the moment
According to Sorokin, the U.S. Federal Reserve’s policy has a much greater impact on the oil and gas market than the supply and demand situation.
This is an important distinction because BP’s CEO Bernard Looney, for example, also at Adipec, said that he expects oil prices to remain robust for some time to come.
According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, inventories could already begin to rise next month and into Q1 2020, adding that this 400,000 bpd would be «enough».
«We need not to panic», bin Salman said, «we need to be calm».
This is the 1st COP talks that targeted the oil and gas industry yet didn’t involve the industry in conversations about how to slow climate change.
- For us attending in Glasgow, this was an alarm bell
- I left Glasgow with this sobering feeling