Oil price, industry safety top agenda at StocExpo
DUBAI, March 12, 2017
The role of the Middle East in the global oil market and the impact of Opec production cuts will be at the heart of conference discussions at this year’s StocExpo Middle East Africa, taking place at the Dubai World Trade Centre on April 26 and 27.
With global oil prices hovering around $55 per barrel, a significant amount of US shale production has come back on stream, blunting the impact of coordinated production cuts agreed by Opec members in November last year.
A number of expert speakers at this year’s event will be considering where oil prices are heading, and what impact this will have on the role of the Middle East in global oil supplies – particularly the continued status of Saudi Arabia as a swing producer.
The conference programme will include a keynote presentation by Christof Rühl, global head of research at Abu Dhabi Investment Authority (ADIA), who will be exploring global oil supply and demand, the role of Opec and the Middle East.
Edward Bell, commodity analyst at Emirates NBD Bank, will examine the impact of oil prices on future supply with further analysis of oil price trends. Alan Banniser, Asia and Middle East regional director for oil content at Platts, will also look into the development of the region as a pricing hub.
Oil storage capacity has grown significantly in recent years, with Fujairah Free Zone now the second largest bunkering hub in the world and Vopak Horizon Fujairah soon to add almost half a million cubic metres of capacity, thanks to Project Black Pearl.
Attendees will get a regional perspective with presentations on the growth opportunities in the Middle East by Kamel Al-Harami, independent oil analyst and former president of Kuwait Petroleum International, and on the supply and demand outlook for tank terminals in the Middle East and Africa by Patrick Kulsen, managing director of PJK International. They will also get the local perspective from Sharief Habib Al Awadhi, director general of the Fujairah Free Zone Authority, as well as Captain Tamer Masoud, harbour master at the Port of Fujairah, both of whom will be looking at the development of Fujairah as a global storage and trading hub.
Bulk liquid storage is an industry with an inherent degree of risk, with incidents such as the Tianjin disaster a reminder that safety remains a key focus area in many emerging markets. Dr Waddah Ghanem Al Hashmi, executive director for EHSSQ and corporate affairs at Enoc will present a case study on the work that Enoc and Horizon Terminals have been doing in order to improve resilience in terminals.
Nick Powell, divisional director, StocExpo Middle East Africa, commented: “It will be interesting to see what the experts say about the future state of the Middle East market. We have already had an overwhelming response to this year’s conference line up, with delegates quick to book their seats in the conference theatre. We urge anyone looking to attend the conference to book soon so as not to miss out.” - TradeArabia News Service