Hundreds of leaders and government officials from oil-producing countries around the world are meeting in Calgary this week, amid growing global pressure to reduce greenhouse gas emissions.
The 24th World Petroleum Congress, one of the largest oil and gas conferences in the world, runs Monday through Thursday. The event, which has not been held in Canada since 2000, will feature heavyweights such as Exxon Mobil CEO Darren Woods, Repsol CEO Josu Jon Imaz and Saudi Aramco CEO Amin Na*ser. , the largest oil company in the world.
The congress, which takes place every three years, comes at a time when the issue of global energy security remains heightened following Russia’s invasion of Ukraine.
Additionally, Saudi Arabia and Russia recently agreed to extend their voluntary oil production cuts until the end of this year, leading to higher commodity prices. Last week, the price of U.S. benchmark West Texas Intermediate crude rose above US$90 a barrel for the first time since late last year.
But the leaders’ meeting in Calgary also comes after what scientists say is the hottest summer on record — one marked by climate change-fueled wildfires and floods around the world.
Many companies at the conference were criticized by environmentalists for prioritizing profits over the planet.
The energy transition and the need for the oil and gas sector to achieve net zero greenhouse gas emissions in the coming decades is the theme of this year’s event.
The World Petroleum Congress is led by WPC Energy, an organization of nearly 65 member countries from around the world, including OPEC and non-OPEC countries.
This report by The Canadian Press was first published September 18, 2023.
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