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13th International Oil Summit

3 May 2012

Paris, France

Secretary General Aldo Flores-Quiroga delivered a keynote presentation to the 13th International Oil Summit presided over by former Algerian Energy Minister, Nordine Ait Laoussine, and inaugurated by French Minister of Industry Eric Besson. Industry representatives speaking in the afternoon highlighted the deep changes occurring on the energy market. The development of shale gas in the US has led to a gas price on the American continent that is nearly 90% lower than that of oil. The development of shale oil, although less spectacular than that of shale gas, together with the drop in fuel demand, the rise in ethanol production and the development of liquids produced from oil sands in Canada, greatly lowers the US’ external dependence, of which the domestic production covers more than 50% of needs, compared with 40% a few years ago. Participants also noted that the oil market remains well supplied and the high prices are due to geopolitical tensions around the world and in particular, in the Middle East, with the role of speculators still the subject of debate.