In an attempt to tackle the global oil crisis, OPEC and non-OPEC oil producers held an extraordinary oil summit in Doha, Qatar’s capital, last week.
With the oil price still low and the market heavily oversupplied, 20 oil and energy ministers were trying to find a consensus on a way forward. But they failed to do so and the summit turned out to be more about regional rivalries than about finding a solution to low oil prices.
Mohammed Bin Saleh al-Sada, the Qatari energy minister, said after the meeting:
“The meeting concluded that we all need time for further consultation…”
In the end, Saudi Arabia wasn’t going to agree to a freeze in production without the participation of Iran, meaning a deal was almost impossible from the outset.
So with nothing changing in Doha, the oversupply will most likely continue and the oil price will unlikely recover.
Why did the Doha meeting fail? Who are the major players in the game of oil?
Counting the Cost takes a look at where the global oil industry stands right now – from Doha and Saudi Arabia to Oklahoma, and to Azerbaijan. We talk to Spencer Welch, Oil markets and Downstream, IHS, about the game of oil, the Doha meeting and the issues behind it.
Also on Counting the Cost, we examine the Google anti-trust charges, the smartphone business and the undeniable truth that these devices are starting to run our lives. Georgios Petropoulos from Bruegel think-tank discusses Google’s position in the market and David Richards, the CEO and co-founder of WANDISCO, talks about the mobile revolution and the future of the smartphone business.
And, the hunt for better trade routes: Arctic ice reached a record low for a second consecutive winter, so China is looking to exploit the Northwest Passage, the fabled shortcut through the Arctic circle. Along with a new economic corridor through Pakistan it’s the Silk Road 21st century style.