Asian energy confce to focus on challenges as prices spiral
AFP, Kuala Lumpur
More than 1,000 oil and gas industry leaders and politicians are gathering in the Malaysian capital to ponder challenges facing world oil supply against a backdrop of rising prices, at a major conference starting Monday. The annual Asia Oil and Gas Conference will see delegates from 40 countries meet over three days, including Royal Dutch/Shell Group chief executive Jeroen van der Veer and Association of Southeast Asian Nations (ASEAN) Secretary-General Ong Keng Yong. A session on political and economic scenarios is likely to dominate discussions as delegates contemplate supply disruptions and continuing instability in Iraq. Key among the panellists is Iran's Deputy Energy Minister, Reza Amrollahi. Iran holds the world's second-largest oil and gas reserves, but economic sanctions by the United States and domestic energy sector contract regulations have seen limited production from the nation. Delegates will also discuss the state of the world's oil reserves and present and future oil markets. The conference comes ahead of a June 15 meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, which is expected to discuss increasing output in response to rising oil prices, which are hovering above 52 US dollars per barrel.
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