The UK’s Energy Institute has honoured HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada as ‘International Oil Diplomacy Man of the Year 2016’ during the International Petroleum Week conference in London.
The award recognises the key role al-Sada played through 2016 in securing the Vienna agreement to cut global oil supply, and the “critical role 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 since it recognises the critical role played by the State of Qatar in securing the Vienna Agreements,” said al-Sada, who assumed office in 2011, and 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 1.8mn bpd.
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, 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 producers at a time when the energy industry was at its lowest ebb,” said Louise Kingham, CEO, Energy Institute, who presented the accolade to al-Sada before 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 1.5mn of the almost 1.8mn bpd commitment already removed from the market.
The agreement, which came into effect on January 1, is for six months, and can be extended for an additional six months “or as deemed necessary.”
The Energy Institute is the largest Royal Charter international professional membership organisation and learned society concerned solely with energy, with 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.
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