London (Feb. 22, 2017) – Qatar’s Minister of Energy & Industry, HE Dr. Mohammed Bin Saleh Al-Sada, was presented today with the International Oil Diplomacy Man of the Year 2016 Award at the Energy Institute’s International Petroleum Week conference in London in appreciation of the key role he played through 2016 in securing the Vienna Agreement to cut global oil supply.
The Award is also in recognition of the critical role the State of Qatar has played in leading more than 20 producing countries from around the world, including Russia, Saudi Arabia and Qatar, to find common purpose in cooperation and partnership. “It is an honour for me to receive this Award, especially as it recognizes the critical role played by the State of Qatar in securing the Vienna Agreements,” said H.E. Dr. Al-Sada. The Qatari Minister of Energy & Industry, who assumed his office in 2011, holds a PhD from the University of Manchester.
Last December, after almost a year of shuttle diplomacy, OPEC and non-OPEC producers, reached their first deal since 2001 to reduce oil output jointly by almost 1.8 million barrels a day. The accord would bring to an end a record global oil glut after more than two years of low crude prices that overstretched many state budgets. Oil prices, which fell below $30 a year ago, has doubled to around $55 a barrel since the OPEC pact late last year.
“As President of the OPEC Conference, His Excellency Dr. Al-Sada has made history by showing exemplary vision and stewardship in reaching a "historical" agreement to cap oil output among OPEC and non-OPEC oil producers at a time when the energy industry was at its lowest ebb,” said Louise Kingham OBE FEI, CEO, Energy Institute, who presented the accolade to HE Dr. Al-Sada in front of an audience of 300 industry peers at London’s Grosvenor House Hotel.
Reports from OPEC and non-OPEC countries have shown almost full compliance with the two Vienna Agreements, with 1.5 million of the almost 1.8 million barrels per day commitment already removed from the market. The Agreement, which came into effect on Jan. 1st, 2017, is for six months, and can be extended for an additional six months or as deemed necessary.
The Energy Institute, host of IP Week, is the largest Royal Charter international professional membership organisation and learned society concerned solely with energy, with Her Majesty the Queen as its Patron. IP Week is recognised as one of the major international oil and gas events, where senior leaders, policy makers and academics gather to share, learn and shape the future direction of the industry. IP Week has a global appeal, attracting delegates from over 50 countries and it is one of the major events in the oil and gas industry’s calendar.