Oil industry chiefs and ministers are coming together to hold a discussion at the biggest energy conference in Middle East as crude heads towards $100 a barrel. The topic will be whether prices can hold at these levels and the outlook for OPEC+ supply.
Delegates will dedicate most of their time to the energy transition at the annual Adipec summit in Abu Dhabi, which in its long running history has been dominated by oil, Bloomberg reported.
Participants in the discussion, scheduled later Monday, will be chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp.
UAE Energy Minister Suhail Al Mazrouei and OPEC SecretaryGeneral Haitham al-Ghais are also among the speakers.
Pankaj Jain, Secretary at the Ministry of Petroleum and Natural Gas in an interview said India has "a constant dialogue with all producing countries where we keep raising the point" that crude prices are too high.
"The country isn’t comfortable with current oil prices, which are near $93 a barrel in London, and we need more production now,” Jain said.
While India acknowledges OPEC’s right to decide how much they produce, the group’s cuts have increased prices.
“High prices lead to demand destruction,” Jain said. “Our viewpoint is we are finding these prices difficult to pass, difficult to continue to meet our energy needs.”