CERA Week Looks To The Future And Recovery Of Oil Sector
News Article Sponsored by Berith Equipment
The IHS CERA Week Conference on Energy is being held in Houston this week and the current situation of the oil market and the prospects for the next few months is one of the main topics that are being analyzed.
More than 2,800 participants from 50 countries are attending the event this year.
“If we really work hard, we can find a solution but the problem is we have an over-supply at this time,” El-Badri said during a session in which he shared the stage with the event’s Chair, IHS’s Daniel Yergin, and Fatih Birol, executive director of the International Energy Agency.
However, some conference attendees like Albert Nahas, vice president for International Government Affairs for Cheniere Energy, expressed their skepticism about oil producing countries being interested in restraining their production.
“Everybody wants somebody else to freeze,” Nahas commented, “because they all have serious budgetary needs, whether it’s Venezuela or Iran, or even Russia or Saudi Arabia.”
Birol explained his organization’s projection for a recovery of the industry, as presented in its report on the medium-term for the oil market.
“In 2016 we still see the oil prices being weak. But, with 2017, we are seeing a balancing starting in the markets, and 2017 and 2018, a rebound of the price,” the expert noted.
The conference ends on Friday, February 26th.
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