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Efective steps to avoid a future oil crisis must be taken - OAPECs director of Technical Affairs

April 18/2011

(Arabian Oil and Gas) -- The Organization of Arab Petroleum Exporting Countries (OAPEC)s director of Technical Affairs, Dr. Samir Elkareish, says effective steps to avoid a future oil crisis must be taken. Dr. Elkareish is one of dozens of high-level experts who will address the Middle East Downstream Week in Abu Dhabi from 8-11 May, where NOCs, IOCs, petrochemical producers, refiners, fuels marketers and distributors in addition to independent oil and gas experts and technology leaders will gather.

The global economic impact of the unrest in the MENA region, in particular Libya, and the resultant rise in the oil price, is expected to be an important point of the discussions at this event. Dr. Elkareish says the risk to the global economy posed by sustained high oil prices is a factor that should not be overlooked: If tensions in the MENA region die down quickly and the price of oil returns to pre-crisis levels, the global economic recovery will not be affected dramatically. However, if these movements spread, and a collection of countries see deep cuts in oil production, high oil prices could pose a real danger to the global economy.

The largest refiners in the region will attend the Middle East Downstream Week in May where OAPECs Dr. Elkareish will specifically focus on clean fuels regulations and Arab countries strategies to improve refined product specifications, including current specifications of refined products in Arab countries and the expected time schedule for meeting international clean fuels standards. He will also address the main reasons why refiners in Arab countries are not able to meet international clean fuel standards in addition to plans already implemented for improving refined product specifications in Arab refineries.

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