What are energy ministers focusing on at the World Petroleum Congress?

The World Petroleum Congress has been underway for three days, featuring several ministerial-level dialogues and keynote speeches. YouYou has excerpted the highlights from the stage: Where is Saudi Arabia placing strategic emphasis in its energy planning? What is Turkey’s most pressing current energy challenge? Let’s take a closer look: ↓↓↓ Audience at the World Petroleum Congress. U.S. Secretary of Energy Chris Wright Recent events have made clear that energy security is both economic security and national security. We must work together closely to monitor energy production, storage, and transportation—the very elements that keep the world running. As shown in the opening video: energy is life. The path to a better world lies in more abundant, more affordable, more reliable, and safer energy. Amin H. Nasser, President and CEO of Aramco Global crude oil inventories are approaching a 'critically dangerous' low level—and may take up to two years to return to normal. Current commercial onshore oil inventories have fallen below 6 billion barrels, representing the 'last usable buffer.' Yet, in reality, the vast majority of these stocks are inaccessible to the market. Given that global crude oil demand continues to rise steadily, even if the Strait of Hormuz fully reopens in the short term and market confidence fully recovers, replenishing these depleted inventories will require at least two years of 'overcapacity production.' International diesel prices have surged to approximately $200 per barrel, exerting pressure on global energy markets and underscoring the importance of strengthening international cooperation and joint efforts to safeguard energy infrastructure and transport routes. Aramco is coordinating with the Ministry of Energy to explore additional crude export routes and expand overseas storage capacity. By 2030, Saudi Arabia aims to increase natural gas sales by about 80% compared to 2021 levels, while continuing to develop renewable energy. HE Haitham Al-Ghais, Secretary General of OPEC OPEC has revised down its forecast for global daily oil demand growth in 2026—from 1.4 million barrels per day at the start of the year to just 400,000 barrels per day—and expects previously deferred demand to gradually materialize in 2027. By 2050, global primary energy demand is projected to grow 23% above current levels. Underinvestment across all segments of energy production is widespread, with impacts already evident in refining and other sectors. Roland Lescure, French Minister for Economic Affairs, Finance and Industrial and Digital Sovereignty, Energy Ensuring stability in energy markets, safeguarding open and reliable energy corridors, and guaranteeing energy affordability for citizens worldwide are shared responsibilities. As this year’s G7 rotating presidency, France has consistently advanced this agenda—we are coordinating through the International Energy Agency (IEA) to release up to 100 million barrels of strategic petroleum reserves, implementing multilateral coordinated responses and avoiding unilateral actions—a hard-won achievement.

For much of the war, Iran has relied on a critical buffer: dozens of tankers carrying millions of barrels of crude oil, safely anchored in Asian waters. Tehran has continuously sold oil to China, generating billions of dollars in urgently needed revenue. Now, those offshore storage facilities have vanished. According to Kpler analysts, by mid-October, these reserves had been completely depleted, as U.S. maritime interdiction prevented Iran from replenishing the crude it normally sells to Chinese refineries. The Wall Street Journal reported that, due to Houthi threats, the U.S. ordered some diplomats and their families to leave Saudi Arabia. This Iran-backed group has launched increasingly frequent attacks from Yemen; Two attacks targeting Saudi Aramco’s oil fields and an airport in Saudi Arabia’s Eastern Province killed four people. The Boston Globe reported that the U.S. and Israel have drawn up plans to launch another strike against Iran after the midterm elections—potential targets include Iran’s energy infrastructure, nuclear facilities, and missile and drone arsenals. The New York Times reported that Saudi Aramco has instructed employees to leave its headquarters in Dhahran and work remotely. Reuters reported that Iran’s Islamic Revolutionary Guard Corps (IRGC) threatened to act against U.S. bases in the region if Washington continues escorting vessels through the Strait of Hormuz—which Tehran deems 'illegal.' Bloomberg reported that Amin Nasser, CEO of Saudi Aramco, stated that Saudi Arabia is negotiating with foreign governments to allow Aramco to access their strategic petroleum reserves, as the Kingdom seeks to bolster supply resilience to customers during potential supply disruptions. Bloomberg also reported that risk-aversion sentiment boosted safe-haven assets: U.S. Treasuries, the Japanese yen, and the Swiss franc all rose. The yield on 30-year U.S. Treasuries fell to its lowest level since September 23—but distressed French government bonds failed to benefit, leading losses across European bond markets. Bloomberg noted that the risk premium on French 10-year bonds versus German bonds widened by 18 basis points to 177 basis points—the highest since 2011. Bloomberg further noted that, driven by long–short trading, hedge funds have net-sold global information technology stocks at the fastest pace in nearly a decade over the past two weeks (−3.3 standard deviations). Currently, net positioning in global AI-related equities stands at the 38th percentile, while the overall long–short ratio sits at the 6th percentile relative to last year’s same period. Goldman Sachs stated that, given Apple’s minimal involvement in the infrastructure build-out boom, its stock has become investors’ preferred large-cap tech vehicle for hedging AI market volatility.

Saudi Aramco seeks to partner with countries to expand its oil stockpile, CEO says

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Saudi Aramco CEO Amin Nasser announced plans to partner with nations to expand strategic oil stockpiles amid rising demand linked to the Iran conflict. The company also highlighted improved incident response capabilities and alternative export route studies.

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