OPEC 6th International Seminar in Vienna

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Crude Oil Prices Lost Half Their Value During The Last Months

Jun 3 2015 – The Organization of the Petroleum Exporting Countries (OPEC) hosted its 6th International Seminar at the Hofburg Palace in Vienna, The theme of the event is “Petroleum: An Engine for Global Development”.

The two days seminar will examine a range of important energy issues with presentations by Ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

DSC_4511Topics will include the global energy outlook, market stability, oil investments, technology and the environment, and the state of the world economy.

The 6th OPEC International Seminar will underpin OPEC’s longstanding commitment to strive for a secure and stable international oil market by promoting cooperation and dialogue with stakeholders around the world.

OPEC has held numerous Seminars since 1969, covering various topical themes. But its first high-level International Seminar was held in 2001. Since then, the event has grown in size and prominence to become one of the premier gatherings on the world energy calendar.

HE Dr. Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry, Alternate President of the OPEC Conference, 3 June 2015, Hofburg Palace, Vienna, Austria said that the last nine months or so have been particularly challenging for the oil industry. Crude oil prices lost half their value as crude oversupply and speculation combined to upset the relative stability seen in oil markets over the previous years. It has proved to be an especially difficult time for some of the industry’s main stakeholders, resulting in huge revenue and job losses and threatening investment in future production capacity.

He added: “looking at the oil market today, there are a number of reasons to feel more optimistic about the general situation going forward. The global economic recovery is showing encouraging signs, oil demand is improving. Indeed, going by current trends, there should be a more balanced market in the second half of the year.”

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