This week, leading oil executives and ministers gather in Houston for one of the largest energy conferences globally, buoyed by successful mergers, steady oil prices, and decreasing demands for a significant transition to clean fuels. Despite the Middle East’s unrest and the war in Eastern Europe, global oil prices have stayed in the $75–$85 per barrel range, supporting profits but not slowing economic development. Deals driven by the stock market continue to expand Big Oil.
The yearly CERAWeek conference coincides with an increase in the demand for biofuels, solar, wind, and oil and gas. Energy markets have allowed global flows to reorganize as consumers choose more local energy providers or put up with longer maritime supply routes.
“A remarkable thing is the (price) stability, given the geopolitical turmoil,” said Daniel Yergin, vice chairman of conference organizer S&P Global and a Pulitzer Prize-winning author on global energy.
Talk of price wars has been replaced by discussions of energy security, according to Yergin, unlike previous conferences where discussions were dominated by market-share disputes between the Organization of the Petroleum Exporting Countries and U.S. shale oil producers.
“When demand was down and prices were down, it was very easy to see a way towards energy transition, but with Russia/Ukraine (war) and price shocks, energy security is back on the table,” Yergin added.
The heads of the major energy companies, BP (BP.L), Chevron (CVX.N), Exxon Mobil (XOM.N), Saudi Aramco (2222.SE), Sinopec (600028.SS), and Petronas (PETR.KL), are set to provide the most recent outlook on the energy markets to an audience of about 7,200 individuals.
Big exporters Cheniere Energy (LNG.N) and Venture Global LNG will discuss global developments in liquefied natural gas (LNG) and U.S. climate policies in separate sessions, while U.S. Energy Secretary Jennifer Granholm and White House adviser John Podesta will push the administration’s climate goals.
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