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Saudis Make a Splash at World Petroleum Congress Oil Event in Calgary - Bloomberg

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Saudis Make a Splash at World Petroleum Congress Oil Event in Calgary - Bloomberg

Saudis Make a Splash at Oil Gathering in Canada’s Energy Capital
Prince Abdulaziz bin Salman. Photographer: Gavin John/Bloomberg

Oil ministers and fossil-fuel company executives descended on Canada’s energy capital this week for the World Petroleum Congress. And even as oil prices threatened to break the $100-per-barrel mark, it was the global transition to cleaner energy that was the focus of proceedings. Here are some of the main takeaways from the event in Calgary.

After missing the previous congress in Houston in 2021 as Covid scrambled countless travel plans, the Saudis were back this year, and in a big way. Energy Minister Prince Abdulaziz bin Salman was the star of the opening session on Monday. He said OPEC is targeting market stability and not higher prices, and sounded a note of caution on Chinese demand. Crude futures duly slipped back on his comments, but that only underlined the strength of Saudi influence on the oil market right now. Saudi Aramco boss Amin Nasser followed with a withering assessment of the idea of peak oil consumption.
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