Asked during a live polling session how oil exporting countries can best deal with lower revenues, 45 per cent of the delegates stated diversification, followed by 34 per cent who favoured subsidy reform. Only 16 per cent thought spending cuts is the preferred option.

Over 350 delegates attended the APICORP Energy Forum, with speeches and contributions from three regional energy ministers, including H.E. Eng. Ali bin Ibrahim Al-Naimi, Saudi Arabia’s Minister of Petroleum and Mineral Resources, H.E. Dr. Abdul Hussain bin Ali Mirza Minister of Energy for the Kingdom of Bahrain and H.E. Eng. Tarek El Molla Egypt’s Energy Minister.

A slim majority of delegates, 53 per cent, voiced confidence that OPEC’s policy of maintaining production levels, in order to maintain market share, would work and 22 per cent stated it would not work.

91 per cent expressed a view that the Brent oil price will remain below $70 for the coming 12 months and only 1 per cent predicted that the price per barrel would exceed $100 by this time next year.

Industry attendees were largely split on the impact falling oil and gas prices are likely to have on investments in renewables and the global energy mix. 24 per cent said volatile prices would force governments to seek alternative energy sources, 36 per cent predicted investments in renewables would fall, and 40 per cent predicted governments would take a long view on investment and not change their investment plans.

Commenting at the Forum, Dr Aabed Al Saddoun, Chairman of APICORP said, “The APICORP Energy Forum is a unique occasion and an opportunity to hear from a mix of critical energy stakeholders and experts. We have policy makers in the same room as bankers and finance professionals, researchers and analysts, and private companies and investors. Their views and actions are partly what move the energy markets.”

“A key takeaway from the Forum is that while there is widespread acknowledgement that there are serious challenges facing the global energy industry, there is also an abundance of optimism and positivity about the sector’s future in this region. Investments in infrastructure, skills and technology are always important and must continue. APICORP is here to help enable these investments,” he added.

APICORP is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries.