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The demand for oil has increased over the last few decades due to the rise of emerging economies and the requirements of the transport industry. However, in recent years, concerns have been raised about how sustainable oil supply and demand actually are. In fact, the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, mainly Russia, have restricted oil production in order to provide support for oil prices.
The most significant force influencing oil demand is the rise of renewable energy. As investment in alternative energy grows, the future of the oil industry is starting to look like one of decline. Oil and gas companies might be forced to rethink their long-term strategies in order to secure a role for themselves in the new energy economy. Although it will likely be a number of decades before the oil market sees the full consequences of these changes, OPEC has lowered its predictions for world oil demand for the rest of 2018 and 2019.
With so much uncertainty surrounding the future of the oil market, we’ll be taking a look at how the industry changes might influence the price of oil. You can watch the live stream at 1pm (UK time) on Thursday 29 November via the trading platform, or our YouTube, Facebook and Twitter pages.
About the experts
Malcolm Graham-Wood has over 30 years of experience in the oil and gas sector. He has worked for a variety of leading companies within the industry, as well as starting his own consultancy firm. More recently, Malcolm has taken on an advisory role, working with companies such as HSBC, and writing the acclaimed malcysblog.com.
Spencer Welch is the director of oil markets, downstream and energy at IHS Markit. He leads the crude oil valuation and marketability studies for Europe, the Middle East and Africa regions. Spencer previously worked for BP for 13 years, giving him a wealth of experience in refinery process engineering and production planning.
What will we talk about?
The discussion will cover a wide range of topics that relate to oil, including:
- How the agreement between OPEC and non-OPEC countries will influence supply
- The impact of political sanctions on oil producing countries
- How the emergence of alternative energy sources has impacted the oil market
- How the flotation of the Saudi Arabian Oil Company (Aramco) will affect the oil market
There will also be a live Q&A during the session, so you can put forward any topics you’d like Malcolm and Spencer to discuss, or any questions you want answered. Post your questions to the #IGCommodityChat Community page, or use #IGCommodityChat on Twitter or Facebook to get involved.