Energy forum seeks to rescue supply disrupted by US-Iran war
Energy market insiders who gathered in a vast underground ballroom in central London this week were united in support of a new emphasis on resilience in the oil industry. The duration of the US-Iran war has changed the industry from "a just-in-time to a just-in-case" sector, TotalEnergies chief executive Patrick Pouyanne told the Energy Intelligence Forum. Amin Nasser, chief executive of Aramco,…
Energy experts met in a large underground chamber in London to discuss the need for resilience in the oil industry, following the US-Iran conflict. TotalEnergies CEO Patrick Pouyanne noted the shift from a "just-in-time" to a "just-in-case" sector due to the war's duration. Aramco CEO Amin Nasser highlighted the company's use of multiple shipping routes and the East-West pipeline's capacity, which has helped maintain deliveries despite Strait of Hormuz and Bab Al Mandeb strait blockades.
Kuwait Petroleum Corporation's CEO Sheikh Nawaf Al Sabah emphasized the importance of owning a tanker fleet, giving control over shipping routes and crew discretion. Czech Ambassador to the UK Vaclav Bartuska drew parallels between the current situation and the Cold War, mentioning a code of conduct that prevented direct conflict.
Japanese executives stressed the importance of diversifying supply sources and building storage facilities closer to customers. Australian Santos CEO Kevin Gallagher advocated for pragmatic energy policies and predicted an increase in oil and gas projects worldwide due to rising prices. Bartuska also noted a shift in European perceptions of war and the need for better deterrence measures against hybrid attacks.
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