Tag: Other News and Announcements

The ICIS Middle Eastern Base Oils & Lubricants Conference is moving for the first time in its seventeen-year existence to Saudi Arabia. In recent years, Saudi Arabia has opened its doors to international events, possesses 15% of the world’s proven oil reserves, and is the top crude oil exporter. This affords you the chance to create new relationships and discover commercial business prospects in this vital region.

The Fed and Russia’s war in Ukraine, according to energy expert Dan Yergin, are responsible for the decline in oil prices during the past month, despite the market’s tightness. According to Yergin, the demand prognosis for China, the largest oil consumer in the world, is also questionable. Edward Gardner, commodities economist at Capital Economics, stated, “We believe OPEC+ would then adopt a more permissive stance, allowing the few members with excess capacity to produce more.”