How OPEC’s seminar played out

For several centuries, the Hofburg Romantic Palace in Vienna was a winter residence for the imperial Habsburg dynasty – though, welcomed Saudi officials, energy ministers, senior executives and a large group of analysts and more.

Here are some prominent points:

The honest house is a cavernous building, where journalists are usually deported to a media room on the basement. Sometimes, they are allowed to write down lined areas, search for suspension with the arrival of oil ministers in OPEC countries and their allies-who are known combined as OPEC+-.

Nevertheless, even the most nostalgia journalists will admit that the group’s symposium had a great upgrade to the place.

The Hofburg Palace opened its doors to delegates and media during July 9-10 for a series of sessions that focus on playing in the oil market, hydrocarbon investment and green energy. The conference is attended by the call and accreditation.

For the OPEC symposium, the Hofburg Palace placed an endless red carpet, and one of their halls that turned into conference halls that turned into larger screens of age playing the OPEC cinematic account of oil history.

Saudi Energy Minister Abdulaziz bin Salman, the actual leader of the OPEC alliance, said during special notes with the opening of the conference on Wednesday, “

In recognition of the Austrian government’s willingness, “doing his best to enable this organization to survive and work and attend its job, without obstacles … legal concerns and things like this”, stressed: “We are here because your country is beautiful, the city is historical, and most importantly, and people welcome.”

On the ground, the demonstrators called for a ban on oil and Close the Strait of Hermoz -Eching the threat of Tehran during its 12 -day war with Israel last month.

Many Arab countries – including a supporter of Hamas, have expressed their solidarity with the Palestinian issue. CNBC has arrived at OPEC’s honesty to comment on the protests.

Who’S-LHO OFC Neminar Mintars extended ministers in OPEC countries, their allies, and major consumers such as India and Turkey, as well as executives of the largest names in the industry, including their heads BPand Totalergiesand coincidence And Saudi Arabia Aramco.

CNBC tried to intercept many of these delegations.

Ministers of heavyweight producers in Russia and Iran – who were likely to have been exposed to him by journalists amid pressure from European sanctions and the United States – significantly.

Iranian Oil Minister Mohsen Bakkadad made opening notes through the video conference on Wednesday, in a speech that included some rare political comments. He stressed the risks posed by armed escalation on raw markets, just weeks after his country, the third largest producer in OPEC, was imprisoned in a 12 -day war with Israel.

He told the discourse readings: “This vital and growing industry needs peace to serve its mission of promoting prosperity at the national, regional and global levels; and to enhance cooperation and development in a world of fast change and constantly complicated.”

Going to the conference, the members of the press cannot increase their enthusiasm: OPEC+-in addition to a sub-group of eight dollars who made voluntary cuts in raw production-they are increasingly gathered on the private video conference, which limits the chances of journalistic surroundings.

At the OPEC symposium, the procedure does not start on the red carpet. It is often inclined to the location of delegations, and journalists often participate in hotels, in the hope of obtaining unproductive comments while the ministers make their way to the conference. Emma Graham from CNBC also marred the event at a wedding – no one gets married, but journalists can once again ride their friends who report on the oil market.

Otherwise, OPEC reports are now made through Sources shutters And investigating delegates for market views and indicators before – and during – policy meetings. The next of August 3, among the eight members who were Gradually (increasingly) Restore a voluntary reduction of 2.2 million barrels per day.