ADIPEC 2020: Monday conference highlights

By Anthony Di Paola and Nadine Daher on 11/10/2020

The 2020 ADIPEC conference, traditionally held in Abu Dhabi, is being conducted virtually this year. Following are highlights from Monday’s proceedings.

Eni Sees Oil at $40-$45 in 2021; Prices May Spike in 2022, Oxy Says

Oil will probably range between $40 and $45 per barrel next year, Eni SpA Chief Executive Officer Claudio Descalzi said. Prices can improve as economies recover from the coronavirus. Occidental Petroleum Corp.’s CEO Vicki Hollub said improving demand could cause prices to spike starting from mid-2022.

World Oil Demand to Peak Around 2030, Total CEO Says

Total SE expects oil use to peak in or around 2030, Chief Executive Officer Patrick Pouyanne said. The timing of the transition away from crude oil will depend on energy demand. Some deepwater projects can still be approved and carried out in the current environment, in Brazil, for example. Total sees opportunities in the U.S. for both gas and renewables, he said.

Indian and Thai Energy Ministers Look to Cleaner-Fuel Future

Energy demand in India has almost recovered to pre-Covid levels, and that trend will continue in coming months, Oil Minister Dharmendra Pradhan said. He also laid out plans for India to boost renewable energy use and become a “gas-less economy” in the coming decades. Thailand is sticking with and enhancing its use of natural gas for now, Energy Minister Supattanapong Punmeechaow said. The Southeast Asian country is trying to secure better access to the fuel by enhancing trade networks with gas producers, he said.

OPEC+ Can Handle Changes in Supply, Including More Iran Oil: Saudi Minister

OPEC+ will be able to cope with an increase in Iranian supply, if U.S. President-Elect Joe Biden were to strike a deal with Tehran, Saudi Energy Minister Prince Abdulaziz Bin Salman said. The coalition has managed supply challenges before, as it has done with Libya’s rising output, he said. “It is a safe bet” to wager on the resilience of OPEC+, he said.

Oil Demand to Rise by 6.5 Million Barrels a Day in 2021, Barkindo Says

OPEC is continually revising upward its demand forecast for next year and currently sees consumption rising by 6.5 million barrels a day, the group’s secretary-general, Mohammad Barkindo, said.

All of OPEC+ Needs to Agree That Tweaking Is Needed: UAE Energy Minister

The OPEC+ group is able to adjust output cuts as needed, and all members of the group would need to agree to do so, UAE Energy Minister Suhail Al Mazrouei said. The UAE is addressing past over-production; it’s committed to adhering 100% to the cuts deal, including in September and October, he said.

OPEC+ Could Extend Oil Cuts Through 2022, Saudi Oil Minister Says

OPEC and allied producers can tweak their output-cuts deal as needed, the Saudi energy minister said. They’re taking a pro-active role, staying flexible and watching the oil market, which is stable despite new coronavirus lockdowns, he said. “With the consensus of everybody, we could navigate with this agreement and tweak” it, depending on what they see in the future, he said.

Adnoc Sees Oil Use at 105 Million Barrels a Day by 2030

Global oil demand will reach 105 million barrels a day by 2030, Abu Dhabi National Oil Co. Chief Executive Officer Sultan Al Jaber said. Adnoc will start trading a full range of refined products next month, and it aims to explore opportunities for hydrogen as a low-carbon energy source.

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