Despite the challenges the world faces during the Covid-19 pandemic, Abu Dhabi National Oil Company hosted a virtual summit that brought together chief executives of global oil and gas companies, who expressed optimism over the recovery of the energy industry, as economies open up and energy prices rebound.
The chief executives of BP, Total, Aramco, CNPC, Eni were among the top energy leaders who convened virtually at the fifth Abu Dhabi CEO Roundtable on Tuesday, hosted by Adnoc group chief executive and UAE minister of state, Dr Sultan Al Jaber.
The global energy industry has been battered by the coronavirus pandemic, registering historic lows in terms of prices as well as demand, forcing systemic changes in the way Big Oil runs business.
Earlier this week for instance, BP wrote off $17.5 billion (Dh64bn) off the value of oil and gas assets and announced it was laying off 10,000 workers as it adapted to the changing reality of the energy industry.
Its chief executive, Bernard Looney remained optimistic about the industry’s future.
“I do think the response has probably been a bit quicker than we expected. I think that’s a good thing,” he told delegates.
"As ever, we don’t know what the future holds, we really don’t know. And while I’m optimistic about it, I’m only optimistic because we are very focused on the things we control – getting our business in shape,” he added.
Oil majors such as Shell have also announced write-downs of $2bn, while others such as Chevron stated $10bn in impairment charges.
In March, French major Total, lowered its capital expenditure by more than $3bn as prices fell to $30 per barrel. Still, Patrick Pouyanne, its chief executive remained bullish over the pick-up in demand as countries ease lockdown measures.
"I would say in Europe today we are more optimistic because we are getting out of the lockdown and honestly in our industry, the consumption of energy is going up quite quickly, quicker to normal than expected by all,” Mr Pouyanne told delegates.
Power supply, which fell 20 per cent during the lockdown in France was up to “normal market levels”.
"In our fuels business, we are still not at standard levels, but demand is coming back quite quickly,” he said.
In its latest monthly oil market report the International Energy Agency said the recovery in prices to $40 per barrel levels indicates that the worst for the oil markets is over.
While the agency expects demand to decline by 8.1 million barrels per day - the steepest in history - the IEA sees a tepid recovery of 5.7m bpd in 2021.
China, the earliest to enforce strict lockdown measures, which led to a virtual standstill of its factory activity has begun to increase oil imports. Crude imports reached an all time high of 15 per cent in May as Beijing looks to revive economic activity.
Dai Houliang, the chairman of China National Petroleum Corporation urged "international co-operation" to meet the risks and challenges facing industry.
Dr Al Jaber said open dialogue among top industry leaders can lead to a sustainable economic recovery.
“As we respond to the challenges of Covid-19, each one of us has had to guide our respective organisations through difficult times," he said.
"The roundtable offered an excellent platform to share valuable lessons on how to ensure the safety of our people, the resilience of our business, and the long-term growth of our industry,” Dr Al Jaber added.
The next edition of the roundtable will be held in November.
BMW%20M4%20Competition
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
PETER%20PAN%20%26%20WENDY
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs: 2018 Mitsubishi Eclipse Cross
Price, base / as tested: Dh101,140 / Dh113,800
Engine: Turbocharged 1.5-litre four-cylinder
Power: 148hp @ 5,500rpm
Torque: 250Nm @ 2,000rpm
Transmission: Eight-speed CVT
Fuel consumption, combined: 7.0L / 100km
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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