An extended panel at the 25th World Petroleum Congress in Riyadh looked at the priorities and fundamentals of the global oil market, the dynamics of supply and demand, and how to enable sustainable investment decisions that can meet future energy needs.

Speakers included Fahad Alajlan, President of the King Abdullah Petroleum Studies and Research Center (KAPSARC); Kurt Barrow, Senior Vice President for oil, refining and chemicals at S&P Global; Dr. Bassam Fattouh, Director of the Oxford Institute for Energy Studies; and the head of a global energy analytics centre.

The panellists pointed to structural obstacles facing investment decisions in the oil industry, saying that uncertainty and sharp volatility are nothing new: they go back to the geopolitical crises and structural shifts the world has seen since February 2022.

Discussing energy transition scenarios, the session noted several layers of uncertainty about the scale of future demand. The experts said the debate must move beyond theoretical or extreme scenarios to a more serious and realistic approach to the transition, and touched on actual reliance on renewable technologies, battery supply chains and energy storage.

They advised companies to reduce risk by broadening investment partnerships and diversifying their customer base at every stage of supply, so as to keep financial flows stable and respond flexibly to the market. They also praised Saudi Arabia's experience in supporting market stability and developing energy infrastructure, saying that balanced, long-term policies are what secure supplies and avert future investment crises.