Qatar’s Minister of Energy & Industry Mohammed Bin Saleh Al-Sada will be presented with the ‘International Oil Diplomacy Man of the Year 2016’ Award at the Energy Institute’s International Petroleum (IP) Week on February 22nd in London.
The selection of Al-Sada came in appreciation and recognition of the pivotal role he played through 2016 in securing the Vienna Agreements to cut global oil supply. The Award is also in recognition of the critical role the State of Qatar has played in leading producing countries from around the world to find common purpose in cooperation and partnership.
Last December, after almost a year of shuttle diplomacy, OPEC and non-OPEC producers, reached their first deal since 2001 to reduce oil output jointly by almost 1.8mn barrels a day. The accord would bring to an end a record global oil glut after more than two years of low crude prices that overstretched many state budgets. Oil prices, which fell below $30 a year ago, has doubled to around $55 a barrel since the OPEC pact late last year.
“It is an honour for me to receive this Award, especially as it recognises the critical role played by the State of Qatar in securing the Vienna Agreements,” said Al-Sada.
Reports from OPEC and non-OPEC countries have shown almost full compliance with the two Vienna Agreements, with 1.5mn of the almost 1.8mn barrels per day commitment already removed from the market. The Agreement, which came into effect on January, is for six months, and can be extended for an additional six months or as deemed necessary.
The Energy Institute, host of IP Week, is the largest Royal Charter international professional membership organisation and learned society concerned solely with energy, with Her Majesty the Queen as its Patron. IP Week is recognised as one of the major international oil and gas events, where senior leaders, policy makers and academics gather to share, learn and shape the future direction of the industry. IP Week has a global appeal, attracting delegates from over 50 countries and it is one of the major events in the oil and gas industry’s calendar.
