Oil Pricing in the Era of the Energy Transition
An Executive Roundtable
SINGAPORE
6-7 February 2024
Evolution of Global Oil Pricing
BENCHMARKS, TRADE FLOWS & FINANCIAL IMPACT
From the inclusion of WTI Midland in the Brent benchmark complex to the growing role of derivatives pricing in Asia, there has never been a greater need to understand how oil pricing systems are evolving and functioning.
This 2-day event will explain the key changes taking place across global benchmarks, the role of shifting trade flows and the impact of financial and physical flows on oil price formation. The course will also consider the role of energy transition on oil pricing systems.
A must-attend for professionals in the oil market seeking to understand the dynamic changes taking place in global oil pricing systems.
Key Global Trends to be Examined
- Oil markets in the age of the energy transition
- Key strategic trends in the oil market: Balances, trade flows and geopolitics
- The physical and financial layers of the oil market
- The evolution of the Brent pricing complex
- The US goes global: The role played by WTI Midland and its inclusion into North Sea Dated Brent
- The future evolution of Middle East NOC pricing systems
- Oil pricing systems and the energy transition
Ahmed Mehdi - Roundtable Leader
Managing Director of Renaissance Energy Advisors
Ahmed Mehdi is Managing Director of Renaissance Energy Advisors, a specialist energy intelligence firm. He also serves as a Visiting Fellow at the Oxford Institute for Energy Studies (OIES) and Non-Resident Fellow at Columbia University’s Center on Global Energy Policy (CGEP). He previously served as an advisor to BHP Petroleum, advising on OPEC strategy, refining economics and short-term oil market fundamentals. He also serves as a Distinguished Associate at FACTS Global Energy (FGE). His work has included detailed studies on physical oil pricing systems. His OIES studies include: Murban: a benchmark for the Middle East? (2019), Middle East Benchmark Pricing and the Oil Crisis (2020); and The Second Split: Basrah Medium and the challenge of Iraqi Crude Quality (2021). He was also co-editor of the OIES strategic study: Middle East Oil Pricing Systems in Flux (2021).
Guest Speakers
This course will also feature senior leaders from oil exchanges, trading houses and PRAs, who will provide key insights and the latest developments.
Dr. Bassam Fattouh
Director
Oxford Institute for Energy Studies
(virtual)
Mr. Gary King
President
ICE Futures Abu Dhabi
Mr. Russell Robertson
Chief Commercial Officer
Dubai Mercantile Exchange, Singapore
Mr. Manosh Saha
Senior Crude Trader
Cathay Petroleum International Pte Ltd, Singapore
What You Will Learn
- Understand the new pricing relationships taking root in the global oil market
- Analyse the key trends taking shape in major pricing centres (WTI, Brent, Dubai)
- Explore the physical and financial layers in the oil market
- Understand the evolution of oil pricing systems and future volatility drivers
- Examine how Middle East NOCs are driving their future price regimes
- Assess how the US is becoming a more important centre for global oil pricing
- Gain insights into how the energy transition will impact trade flows and pricing relationships
Who Should Attend
- Crude & Refined Product Traders
- Corporate & Strategic Planning Managers
- Price & Risk Managers
- Finance & Revenue Managers
- Planning & Economic Managers
- Business Originators
- NOC Marketing Teams
- Energy Analysts
- Commercial Analysts
- Commercial Managers
- Refinery Planners & Schedulers
- Channel Optimization Managers
- Procurement & Purchasing Managers
- Supply Operation Managers
- Market/Credit/Business/Financial Analysts
- Financial Traders
Programme at a Glance
Module One:
Oil Pricing in the Age of the Energy Transition: Volatility Drivers
- Oil markets and the energy transition: Shifting trade flows and refining
- Energy transition & liquidity management: OPEC+, central banks and supply-side economics
- US crude exports: The globalising role of WTI Midland
- China’s electrification story: What are the implications?
Module Two:
Key Strategic Trends in the Global Oil Market
- Where next for oil demand?
- Supply-side dynamics: The evolution of OPEC+ policy
- Trade flows and refining: Key issues to watch
- Guest Presentation Topic: OPEC+ Behaviour in the Age of the Energy Transition
Module Three:
Global Oil Pricing Systems – The Role of Benchmarks & Pricing Systems
- What are benchmarks for?
- The growing financialization of the oil market
- Guest Presentation Topic: Managing Risk and Exchange-Based Pricing in Asia
Module Four:
The Evolution of the Brent Oil Pricing Complex
- What is the Brent complex?
- The financialization of the Brent oil pricing system
- What is the “new” Brent?
- What are the implications for Asian oil pricing?
- Guest Presentation Topic: WTI Joins Brent: The Journey So Far
Module Five:
East of Suez Oil Pricing in Perspective: Key Trends to Watch
- The role of Dubai benchmark and its evolution
- Formula pricing for term contracts and OSP pricing
- The Middle-East Asia trading cycle
- Russian flows in Asia and pricing implications
Module Six:
The Role of Exchanges in East of Suez Pricing
- The role of DME Oman
- Abu Dhabi’s IFAD Murban
- The future of exchange-based pricing in Asia & Middle East
- Guest Presentation Topic: Key Changes in Asia Oil Pricing Systems from a Trader’s Perspective
Module Seven:
Middle East NOC Pricing in the Age of the Energy Transition
- Sour crude pricing after the Russia crisis?
- Term and spot pricing in Asia
- How NOC pricing systems are changing
Course Methodology
This roundtable aims to generate actionable intelligence, through a collaborative process, providing attendees with a holistic understanding of the dynamic forces shaping the global oil pricing landscape and empowering them to navigate the complexities of the industry effectively by:-
- A collaborative and strategic methodology designed to foster in-depth discussions among participants
- Facilitating a comprehensive exploration of key topics, incorporating a combination of expert presentations, panel discussions, and interactive sessions
- Engaging in a dynamic exchange of insights, drawing from diverse perspectives to analyze current trends, emerging challenges, and innovative solutions in the realm of oil pricing
This methodology encourages open dialogue, allowing executives to share experiences, best practices, and strategic approaches.
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