Energy forum seeks to rescue supply disrupted by US-Iran war

Energy market leaders have called for a shift towards resilience in the oil industry following the US-Iran conflict. TotalEnergies' CEO Patrick Pouyanne highlighted the company's continued deliveries during the crisis, thanks to diverse routes to market and the East-West pipeline's extensive capacity. Aramco's CEO Amin Nasser emphasized the importance of maintaining all committed deliveries, adding that the crisis has prompted a reevaluation of future export routes.

Kuwait Petroleum Corporation's CEO Sheikh Nawaf Al Sabah underscored the benefits of owning its own tanker fleet, providing control over shipments and crew decisions. The US-Iran war has sparked discussions on new codes of conduct, drawing parallels to the strategic balance between the US and the former Soviet Union during the Cold War.

Czech ambassador Vaclav Bartuska noted the importance of escalation ladders and avoiding direct conflict, likening the current situation to proxy wars. Japanese executives stressed diversification to avoid chokepoints and cooperation with resilient suppliers for storage depot development. Australian energy company Santos' managing director Kevin Gallagher emphasized the need for pragmatic policies and increased exploration in various regions to boost supply undertakings.

Bartuska predicted that rising oil and gas prices would make previously marginal projects economically viable, particularly in Latin America, Africa, and Asia. The prolonged conflict has also increased the risk of hybrid and hidden warfare, prompting heightened vigilance in energy installations.