Cross currents of fragile oil demand in the West and robust demand in the East, the role played by OPEC in maintaining and checking market imbalances are some of the topics that will be discussed at an upcoming summit in Bahrain.

The 20th Middle East Petroleum and Gas Conference will be held from May 6th to 8th 2012. It will be held under the patronage of Energy Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza. MPGC 2012 which is the longest running annual oil conference in the Middle East returns to Bahrain to be hosted and sponsored by Noga and Bapco.

Themed Middle East Oil and Gas: The Known Unknowns and the Unknown Unknowns, MPGC 2012 will also provide a global perspective on the oil markets, developments in conventional and non conventional oil production, the role of international oil corporations in Iraq, prospects for tight and sour gas as well as challenges in accessing new investment opportunities in Middle East gas and the emergence of shale gas.

By bringing key players and decision makers from national oil corporations, regional companies and governments together, MPGC focuses on evolving political, economic, commercial and policy trends in the Middle East and World Markets.

Dr Fereidun Fesharaki chairman of FACTS Global Energy said that "The oil markets in 2012 are facing tough challenges. Oil demand growth is subdued, non OPEC output growth gas escalated whilst refining margins have tightened. But geopolitical tensions in the Middle East are high. Economic forces put downward pressure and geopolitical forces put upward pressure on oil prices.”

He said that meanwhile LNG markets remain firm buoyed by Japan import requirements and delays in Australian supplies. These interesting dynamics of the global oil and gas markets will be the highlight of our discussions at MPGC.

(Sourced from Trade Arabia)