The Organisation of the Petroleum Exporting Countries (OPEC), Russia and other oil-producing nations recently finalised an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hope of boosting crashing oil prices amid the coronavirus pandemic and a price war. Despite the cutbacks, the US oil price benchmark, WTI, recently closed below US$20 a barrel, showing the scale of demand destruction (estimated to be about a third of global demand). The economic outlook for the Gulf Cooperation Coucil countries is grim as they grapple with low oil prices and the direct impact of Covid-19 on their economies. The implications for net oil-importing Asian countries will be deep and profound.
Join us for this public talk on Thursday, July 2, from 10:30am to 12:00pm GMT + 8, which will be conducted online via Zoom. All are welcome to participate. An e-invite will be sent to you near the event date.
This event is free, however, registration is compulsory. Please find the registration link here:
About the Speaker:
Dr. Fereidun Fesharaki is the founder and chairman of Facts Global Energy (FGE). Dr Fesharaki received his PhD in economics from the University of Surrey in England and then completed a visiting fellowship at Harvard University’s Centre for Middle Eastern Studies.
In 1989, Dr. Fesharaki was elected a member of the Council on Foreign Relations in New York. Since 1991, he has been a member of the international advisory board of JX Holdings (and its predecessor companies) — Japan’s largest oil company. He was the 1993 president of the International Association for Energy Economics (IAEE).
In 2002, Dr. Fesharaki was appointed as a senior associate of the Centre for Strategic and International Studies in Washington, DC. In 2008, he was appointed to the National Petroleum Council by then US secretary of energy. He continued to be re-appointed, most recently by Secretary Rick Perry in June 2018.
He received the Outstanding Contributions to the IAEE Award in 2012. He is the recipient of the 2016 Adelman-Frankel Award from the US Association for Energy Economics (USAEE) for his unique and innovative contribution to the field of energy economics. In March 2017, the Chicago Mercantile Exchange (CME) appointed him as a director of the Dubai Mercantile Exchange Limited (DME). Since 2009, he has been a member of the DME’s board of directors.