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Oil Market Volatility, Investment and Spare Capacity

24 March 2015

Riyadh, Saudi Arabia

The Secretary General of the International Energy Forum, Dr Aldo Flores-Quiroga, and the President of the King Abdullah Petroleum Studies and Research Center, Mr Samer AlAshgar, convened a joint IEF – KAPSARC Thought-Leaders’ Roundtable on Oil Market Volatility, Investment and Spare Capacity: Connections, Costs and Consequences, to thereby contribute toward the understanding of developments that are shaping world oil markets and the producer-consumer dialogue. The Joint Thought Leaders’ Roundtable was held at the IEF Secretariat on 24 March 2015 and shed light on the return of turbulence in global oil markets and its consequences for investment and spare capacity.

Discussions in Session I, moderated by Dr Aldo Flores-Quiroga, focused on investment and how the oil industry will adjust capital expenditures to current market turbulence, and what consequences are for future supply and demand balances. 

Discussions in Session II, moderated by David Hobbs, Vice President Research of KAPSARC, discussed the requirements for spare capacity under new supply and demand realities and who is to furnish it, and at what cost. The meeting was open to participants of the Fifth IEA-IEF-OPEC Symposium on Energy Outlooks that convened at the IEF Secretariat on 23 March. HE Amir Hossein Zamaninia, Deputy Petroleum Minister for International Affairs and Commerce, Ministry of Petroleum, Islamic Republic of Iran, contributed as a panelist to the roundtable discussion, alongside other leading global energy experts.

Session I: Investment: how is the oil industry adjusting capital expenditures to current market turbulence and what are the likely consequences for the future supply-demand balance?

Moderator: Aldo Flores-Quiroga, Secretary General, IEF

Session II. Spare capacity: Is it required under new supply and demand realities? Who must provide it and at what cost?

Moderator: David Hobbs, VP of Research, King Abdullah Petroleum Studies and Research Center

Previous IEF Thought-Leaders Roundtables: