At the leading Asian forum in Singapore, where industry leaders and experts have convened, hot topics are vigorously debated: from the future of oil prices and the Chinese market to the dynamics of Iranian oil and OPEC+ strategies. The Russia-Ukraine conflict and the global shift from fossil fuels are also at the forefront of discussions.
It’s noteworthy that the Gastech 2023 conference is also kicking off in Singapore. Key insights drawn from preliminary discussions include:
- Gunvor Group Ltd anticipates a potential drop in oil prices to the range of 71-72 dollars per barrel due to decreased demand.
- Chevron foresees increased volatility in the LNG market, aiming for the launch of new projects around 2026-2027.
- Given the demand dynamics in Asia, the oil refining sector is focused on attracting new investments.
- The emphasis on green technologies is central to the agenda.
- PetroChina Co. has intensified its activities in the electricity and CO2 markets, investing heavily in innovations and automation.
- Despite the challenges, gas demand in China is expected to grow by 3-6%.
- Despite waning interest in Asia, Iran is bolstering its market stance, eyeing smaller factories in China.
In conclusion, the global oil and gas industry is transitioning to a new phase, influenced by both geopolitical realities and global economic challenges.
