CAIRO: Oil and gas representatives from 19 countries met Thursday in Cairo to discuss developments in the petroleum market as well as expectations of global supply and demand for oil on the short- and medium-terms.
The seventh meeting of the Organization of the Petroleum Exporting Counties (Opec) and non-Opec experts will last for two days, with eight international oil and gas organizations participating.
“The countries will discuss alternative energy horizons, biomass, modern utilized technologies, production economies, environmental issues, sustainable development, and the future of production and international trade, the minister’s office said.
The meeting comes at a critical time as oil prices continue to skyrocket worldwide, recording unprecedented rates.
The world is currently experiencing an “ongoing increase in oil prices; an increase in global interest in energy supplies and security issues; and the emerging relevance of new and renewable energy resources at competitive production costs, the minister’s office said.
Despite Opec’s commitment to raising output at the beginning of this month, strong demand and fundamental factors continue to put upward pressure on oil prices.
Opec agreed to examine the situation at its summit of Opec Heads of State Nov. 17-18 in Riyadh.
