EVENT: Experts Brief ABA Members on Oil Market Developments
Date: 11th May, 2015 Time: 06:00 pm - 09:00 pm
The ABA's latest technical seminar was held on 11 May, with five eminent oil market experts (three with PhDs and one former Cabinet Minister!) giving their perspectives on the prospects for oil prices, and the energy market as a whole.
The seminar began with an introduction by Dr. Gavin Graham, the Executive Vice President of Petrofac, the global oil services firm. Dr. Graham was followed by Dr. Wim Thomas, the Chief Energy Advisor at Shell International who considered some of the commonly held views about the oil market ("growing global population will underpin increasing demand for oil", "OPEC is dead") and whether they are true. He also explained in detail two alternative scenarios for the development of energy markets over the coming decades.
Lord Howell of Guildford drew on his political experience (including time as a Cabinet Minister in Margaret Thatcher's government) to comment on the recent election in the UK and to consider the priorities for the newly-appointed Minister for Energy.
Dr. Paul Horsnell, Head of Commodities Research at Standard Chartered Bank, then gave his view on current oil prices, which he saw as unsustainable. He explained how the current environment of relatively low oil prices is different from the low oil price environment of the mid-1980s, largely as a result of very limited spare production capacity, and suggested that oil prices are likely to continue to recover in the months ahead.
Finally, Dr. Carole Nakhle, the Director of Crystol Energy, led a panel discussion based on questions from the audience.
After the discussion, participants enjoyed a buffet dinner on the terrace of the Arab British Chamber of Commerce building.
The seminar was made possible through the generous support of Mr. Bahaeddine Bassatne of BB Energy.
Some photographs from the event are attached below. The photograph above shows (L-R) Lord Howell, Dr. Wim Thomas, Dr. Carole Nakhle, Dr. Paul Horsnell and Dr. Gavin Graham.
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