Fujairah Oil Industry Zone participated in a recently held 29th MPGC Annual event in Bahrain were represented by our director Capt. Salem Al Afkham Al Hamoudi. This event addressed the continuing uncertainty in the global oil markets whilst coping with both disruptions and changes driven by the pandemic, namely the growing energy transition momentum, the OPEC+ response, the return of Iranian supplies, and a rebound in US growth. Forecasts of peak oil demand growth in the 2030’s, entry of new Middle East refining capacity, emerging petrochemical dynamics coupled with prospects of the oil and gas ecosystem shifting to a lower carbon future will underscore discussions at MPGC, against a backdrop of a shortage of LNG supplies and the prospects for the Gulf LNG market.
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