Energy industry officials and top industry executives meet in Moscow this week for the 21st edition of the World Petroleum Congress.
The conference which takes place every three years will see discussions centered on the West’s need to pursue oil investments in Russia.
It comes on the heels of recent crisis in Iraq which saw oil prices reach a nine-month high last Friday. The Iraqi government is fighting to regain control of cities that have been taken over by Islamic militants. The country is the second largest exporter in OPEC after Saudi Arabia, providing a third of the world’s oil supply.
Russian President Vladimir Putin will address members of the conference today including the Secretary General of OPEC, Abdullah El-Badri and about 5,000 delegates.
More than 65 countries, representing about 95% of global producers and consumers of crude oil are present at the conference; notably, Saudi Arabia who said last week that the oil market was experiencing a good supply-demand balance as it supported fellow OPEC members in maintaining the Cartel’s crude oil production ceiling.
