Minister of Energy & Industry, HE Dr Mohammed Bin Saleh Al Sada, was presented with the International Oil Diplomacy Man of the Year 2016 Award at the Energy Institute’s International Petroleum Week conference in London. The Award was given to Dr Al Sada in appreciation of the key role he played through 2016 in leading OPEC members and coordinating with non-OPEC producers and securing the Vienna Agreement to cut global oil supply.
Louise Kingham OBE FEI, Chief Executive, Energy Institute, presented the Award during the International Petroleum (IP) Week 2017 that started in London on 21 February.
In a speech, Dr Al Sada thanked the International Energy Institute for presenting him with the Award:
It is truly a recognition of the role of the State of Qatar under the leadership of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar who consistently guided and encouraged me to keep the process on track, right through 2016, despite the many challenges and hurdles we faced. In doing so, Qatar relied on its cordial relations and mutual trust with the international community.’
Under these trying circumstances Qatar, as president of OPEC undertook the responsibility of building bridges among the OPEC members, followed by bringing together both OPEC and non-OPEC members to a common platform with unified objective. Persistent and persuasive diplomatic initiatives were adopted as the course of action. This helped in the development of ‘Algiers Accord’, which further paved the way in the formulation of ‘Vienna Agreement’ in November last year, leading to ‘OPEC and non-OPEC Agreement’ ten days later.
Dr Al Sada highlighted the fact that the agreement ‘represents a consensus that was reached among a diverse group of countries, from the far corners of the world: the Americas; Europe; Asia; the Middle East; and Africa. It proved that multi-lateral, beneficial, global agreements are still possible through positive diplomatic initiatives, and that such an approach could help in resolving many other international issues.
The Minister added:
The outlook for the oil market this year has now improved with a more positive tone. A year ago, crude oil prices had fallen to a 13-year low of $27 a barrel. Today, oil prices are essentially double of that and holding in a $50-$60 range. The Vienna agreements are expected to reduce the high oil inventories and return balance to the oil market later this year.’
The Energy Institute, host of IP Week, is the largest Royal Charter international professional membership organisation and learned society concerned solely with energy, with Her Majesty the Queen as its Patron. IP Week is recognised as one of the major international oil and gas events, where senior leaders, policy makers and academics gather to share, learn and shape the future direction of the industry. IP Week has a global appeal, attracting delegates from over 50 countries and it is one of the major events in the oil and gas industry’s calendar.
Visit mei.gov.qa for more information on Qatar’s energy industry.