After 30 years, the World Petroleum Congress returns to the United States. The most representative event of the oil and gas industry will take place in the largest city of Houston, Texas, from December 5 to 9. This American megalopolis is the “home” for 4,600 energy corporations.
The Forum will bring together thousands of representatives from over 70 countries, including the heads of major oil and gas companies, officials from relevant ministries and agencies, as well as industry experts.
An extensive business program will include discussions on the global energy sector development strategy and ways of expanding cooperation between the market participants.
The World Petroleum Congress will be held against the backdrop of the major challenges facing the industry. The sector has been under a particular strain of late.
This autumn the European natural gas prices for the first time exceeded $1000 per thousand cubic meters, and oil quotations for North Sea Brent became more expensive than $80 per barrel.
Industry experts believe that the concurrent rise in price of the world’s main energy resources indicates the presence of a full-fledged crisis, which can only worsen with the growth of climatic factors.
Great Britain, Germany and the Netherlands have already become a vivid example of energy shortages. A number of companies in Foggy Albion and a number of European countries have been forced to shut down due to the abnormal growth of blue fuel prices.
Photo: Bloomberg
Not the least role in the European price formation is played by the problem with commissioning of the Russian Nord Stream-2 project that does not start pumping gas to Europe for well-known reasons. And in an effort to “bring down” world oil prices, Washington has decided to deactivate strategic oil reserves. The consequences of these events will certainly be raised in the upcoming forum.
