Under the patronage of the President of the State ... the launch of "ADIPEC 2020" activities virtually to map the future of the energy sector

 Under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, the activities of the Abu Dhabi International Petroleum Exhibition and Conference "ADIPEC 2020" were launched virtually and will continue until November 12 with the participation of ministers, leaders and energy sector experts around the world.

The opening speech of the Minister of Industry and Advanced Technology, CEO of ADNOC and its Group of Companies, Dr. Sultan Ahmed Al-Jaber, was followed by a special ministerial panel discussion that was held virtually with the participation of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia and Minister of Energy and Infrastructure Suhail bin Muhammad Faraj Faris Al-Mazrouei, Deputy Minister of Energy of Russia Pavel Suriken, and Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Muhammad Barkindo.

The ADIPEC conference brought together more than 70 ministers, chief executives, entrepreneurs and global experts to focus on ways to respond and adapt to the energy sector to the Covid-19 pandemic, as the participants are keen to present a set of innovative visions on ways to enhance the sector's resilience in the future and deal with the challenges and opportunities presented by the transformation phase in the Energy field.

ADIPEC's virtual exhibition and conference hosted by the Abu Dhabi National Oil Company (ADNOC) is an ideal platform for opinion leaders who will contribute to shaping the future of the global oil and gas sector.

The conference’s activities include more than 135 sessions that bring together more than 700 prominent speakers, as well as 115 technical sessions. The virtual exhibition will also participate in 120 exhibiting companies by presenting a bouquet of world-class live content to all attendees and those interested in the sector.

For his part, His Royal Highness Prince Abdulaziz bin Salman Al Saud said.

The oil market is going through a transformative phase due to the spread of the new Kurna virus, indicating that the Kingdom of Saudi Arabia is currently working on making a radical change in the energy sector heading towards relying more on renewable energy sources and gas.

He added that the Kingdom plays the role of the engine and catalyst for the global economy in a sustainable manner, as Saudi Arabia supplies the countries of the world with energy.

The Saudi Minister of Energy indicated that OPEC is now, as always, keen to play its proactive role in the oil sector, while the role of the "OPEC +" agreement will extend beyond the end of April of 2021, when a decision can be taken on extending work under it throughout 2022.

For his part, the Russian Deputy Minister of Energy said, "We must all play a responsible role and ensure that there are sufficient investments in the petroleum sector to ensure that we continue to supply consumers around the world with energy at reasonable prices."

Pavel Suriken added that it is too early to say that we have passed the peak demand phase, as we are still far from that, of course, and we expect the increase in demand rates to continue over the next 15 years at least, and therefore, it is too early to say that the era of dependence on oil has ended.

He said that the start of the shale oil revolution is due to the abundance of financing and technical innovation in the sector, while we are living in a turbulent era characterized by many fluctuations in prices, and the sector is currently working on rearranging its cards, and that is why we are witnessing a great deal of mergers.

For his part, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Muhammad Barkindo said: We are witnessing a decrease of 9.8 million barrels per day in 2020, but our expectations for 2021 indicate a resurgence in demand. We are currently approaching production of 6.5 million barrels per day and we have all witnessed a reaction Markets after the US presidential election .. He said no need to worry. "

He added that the figures we disclosed in Vienna show that to date, the region has witnessed the approval of cumulative stimulus packages on a global scale, worth 25 trillion US dollars, which represents 20% of global GDP.

"We look forward to continuing our energy dialogue with the United States over the coming months and years, especially as it enjoys a privileged position in terms of the global energy transition," Barkindo said.

About 10,000 experts from more than 100 countries participate in the ADIPEC Virtual Event 2020 program, and it includes the exhibition and accompanying strategic and technical virtual conferences, in addition to the ADIPEC Awards Program, which is held during a virtual ceremony for the first time in ten years, while more than 100 companies bid. Virtualization for its innovative solutions designed to meet the urgent needs of the rapidly transforming energy sector.

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