Saudi Arabia is preparing to host “Energy Week in Riyadh” between October 11 and 15, in an international gathering that includes ministers, officials, leaders of energy companies, investors and experts, to discuss the security of supplies, developments in the oil and gas markets, investment, new technologies, and the future of the global energy system.
The “World Energy Conference”, in its twenty-fifth session, is one of the most prominent topics of the week. Saudi Arabia is hosting it for the first time in the conference’s 90-year history, under the slogan “Paths to an Energy Future for All,” and its executive program includes more than 30 ministerial, strategic and leadership sessions that address energy security, global oil and gas markets, investment and finance, artificial intelligence and digital transformation, critical minerals, carbon management, natural gas and the future of the energy mix.
The conference will be held at the Riyadh Exhibition and Convention Center between October 11 and 15, with its official opening ceremony taking place on October 12.
Organizers expect the conference to attract more than 25,000 participants, including 100 ministers, 500 CEOs, and about 800 speakers, in addition to representatives of about a thousand companies, on an exhibition area exceeding 50,000 square meters.
“Energy Week” gains additional importance from the expansion of its program, which goes beyond the main conference, to include the Ministerial Meeting of the International Energy Forum, the activities of the “Clean Energy Forum” and the “Clean Energy Initiative”, in addition to other sessions and events that bring together governments, international institutions and companies operating in various links of the energy chain.
International governmental and industrial weight
The Saudi Minister of Energy, Prince Abdulaziz bin Salman, will officially open the conference on October 12, along with the President of the International Petroleum Energy Council, Pedro Miras. The Minister of Economy and Planning, Faisal Al-Ibrahim, and the Minister of Investment, Fahd Abdel-Jalil Al-Saif, are participating in the executive program, along with the Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, the Secretary-General and CEO of the World Energy Council, Angela Wilkinson, and the Secretary-General of the International Energy Forum, Jassim Al-Shirawi.
At the level of global energy companies, the list of key speakers includes: Chairman and CEO of ExxonMobil, Darren Woods, Chairman and CEO of Total Energies, Patrick Pouyanné, CEO of Shell, Wael Sawan, CEO of BP, Meg O’Neill, Chairman and CEO of Baker Hughes, Lorenzo Simonelli, CEO of Siemens Energy, Christian Bruch, and CEO of SL. BP Olivier Le Peche, along with Andy O'Brien, President and CEO of ConocoPhillips.
The discussion will also be attended by a number of prominent energy market analysts, led by Daniel Yergen, Vice President of Standard & Poor's Global, Helma Croft, Head of Global Commodities Strategy and Middle East Research at RBC Capital Markets, Jeffrey Currie, Senior Advisor at Carlyle, Amrita Sen, Founder and Director of Market Intelligence at Energy Aspects, and Bob McNally, Founder and Chairman of Rapidan Energy Group.
Energy security and markets are at the forefront of the debate
Energy security and global oil and gas markets are at the forefront of the conference, with ministerial sessions bringing together representatives of producing and consuming countries to discuss market developments and the future of supplies. Yeargin and Croft will co-moderate some of the dialogue sessions, reflecting the programme's focus on the intersection of markets, energy and geopolitics.
The program is not limited to oil and gas markets; The conference devotes extensive space to discussing the transformations that are reshaping the sector, from artificial intelligence and digitization to critical minerals, financing energy projects, carbon management, and renewable energy.
Artificial intelligence is at the heart of the energy industry
Artificial intelligence and digital transformation enjoy an advanced position in the conference program, with companies including Aramco, Siemens Energy, SLP, Hitachi Energy, Microsoft, and Samsung E&A participating to discuss the impact of digital technologies on energy processes, productivity and efficiency.
These discussions are gaining particular importance as artificial intelligence moves from experimental uses to applications related to operation and maintenance, data analysis, and process improvement, in parallel with the rise in demand for electricity and infrastructure needed for the expansion of data centers.
Saudi Arabia is at the heart of the economic and energy transition
The conference will devote a ministerial session entitled “Vision 2030: Economic Transformation and Global Competitiveness,” to discuss the economic transformation in Saudi Arabia and its growing role in the global energy system.
The list of Saudi participants also includes leaders from Aramco, including Executive Vice President of Technology and Innovation Ahmed Al-Khowaiter, Head of Exploration Sector Nasser Al-Naimi, Chief Financial Officer Ziad Al-Murshed, and Executive Vice President of Strategy and Institutional Development Ashraf Al-Ghazawi, in addition to leaders from SABIC, ACWA, the Public Investment Fund, KAPSARC, and other institutions working in energy, technology, and investment.
The program spans the topics of critical minerals and supply chains, carbon capture, utilization and storage, carbon markets, renewable energy and hydrogen, reflecting the breadth of debate from the security of traditional fuel supplies to the security of technology, infrastructure and materials needed for the energy future.
An artistic program and parallel activities
The “World Energy Conference” includes a broad technical program that includes more than 30 forums for research and technical presentations, distributed over 5 axes, including: primary energy supplies, infrastructure, fuels and molecules, energy technologies, and leadership in the sector.
“Riyadh Energy Week” also includes specialized programs in the circular carbon economy, women in the energy sector, youth and professionals, social responsibility, artificial intelligence and digital transformation, in addition to the “Energy Hackathon” and activities to exchange knowledge and communicate among participants.
The leadership of the European Central Bank is entering a phase of extensive reorganization as the date for selecting a successor to its president, Christine Lagarde, approaches, after the resignation of Isabelle Schnabel and her expected move to the International Monetary Fund led to the opening of one of the key positions on the bank’s board, coinciding with the approaching of other entitlements that include the positions of “president” and “chief economist.”
The European Central Bank announced that Schnabel will leave her position on January 3, 2027, to assume the position of Financial Advisor and Director of the Monetary and Capital Markets Department at the International Monetary Fund the next day. Her successor will be appointed by a decision of the European Council in accordance with the procedures stipulated in the European Union treaties.
The move comes at a time when attention is turning to the succession of Lagarde, who said in an interview with the Irish Radio and Television Corporation (RTE) that she would leave the position in 2027, but kept the door open as to whether she would complete her term, which ends in October of that year.
According to an analysis from Bloomberg, the selection process may turn into a broader political deal between European capitals, with three main calculations emerging: the necessity of consensus between France and Germany, preserving the representation of the major countries in the six-member Executive Council, and ensuring the presence of at least one woman among the representatives of those countries.
Nott and De Cos are the most notable names
The Dutchman, Klaas Knot, and the Spaniard, Pablo Hernandez de Cos, stand out as the two most prominent names proposed for the presidency of the European Central Bank, according to the scenarios reviewed by Bloomberg, with the possibility of resorting to a consensus candidate remaining if negotiations between European governments falter.
Knott has long experience within the European Central Bank, having served as Governor of the Dutch Central Bank, and was a member of the Bank’s Board of Governors for years, and also chaired the Financial Stability Board. This experience may enhance his position in the accounts of some European capitals, especially in light of his experience in dealing with financial and monetary crises.
Reuters revealed, citing insiders, that France is ready to support Nott to succeed Lagarde, in exchange for assigning the position of “chief economist” at the European Central Bank to a French candidate. The sources said that the informal proposal has the support of French President Emmanuel Macron, but it may face resistance from Germany. Which expands the scope of negotiations to include the redistribution of leadership positions in the Bank.
According to the scenario presented by Bloomberg, choosing Nott for the presidency may be part of a broader arrangement that includes the position of “chief economist,” in addition to ensuring the continued representation of Spain in the “Executive Council,” making the distribution of seats and positions an essential element in the negotiations to succeed Lagarde.
On the other hand, Hernandez de Cos represents a prominent Spanish choice for the presidency. He currently holds the position of Director General of the Bank for International Settlements, after assuming the position of Governor of the Central Bank of Spain. His experience in international monetary institutions gives him institutional credit, at a time when Spain has not previously assumed the presidency of the European Central Bank.
Bloomberg's analysis believes that De Cos's nomination may allow Germany to obtain another position in the position arrangements, including the possibility of changing the leadership of the “Bundesbank,” while France, in return, may seek to secure the position of “chief economist.”
Settlement filter
European calculations do not rule out the emergence of a third name if the competition between Nott and Hernandez de Cos falters.
The possibilities of the “settlement candidate” are based on European precedents. Lagarde's nomination to head the European Central Bank in 2019 came during broader negotiations regarding a number of European positions. According to Bloomberg, this scenario could be repeated if the capitals are unable to reach an agreement on the main candidates.
Among the names that may appear in such a scenario, according to the analysis, are Nadia Calviño, the current president of the European Investment Bank and the former Spanish Minister of Finance, along with François Villeroi de Gallo, the former governor of the Bank of France, and Olli Rehn, the governor of the Central Bank of Finland and the former European Commissioner.
However, choosing any of these names will in turn reopen the issue of geographical balance within the “Executive Council.” Giving one country the presidency may require concessions to another country in a different position.
3 positions in the interface
Re-arranging leadership takes on additional importance. Because it is not about the position of president alone. Schnabel's resignation opened up a seat on the Executive Board, while the end of the term of Chief Economist Philip Lane and the entitlement to succeed Lagarde represent a set of simultaneous changes at the top of the bank's pyramid.
The European Central Bank announced that Schnabel will continue to exercise her responsibilities until she moves to the Monetary Fund, while her responsibilities may be temporarily redistributed among the members of the Executive Council after her departure until a successor is appointed.
This comes as the Bank faces a complex economic environment, with the continuing repercussions of the energy shock on inflation and growth. Lin said in a recent interview that the rise in energy prices may last longer than expected, with inflation expected to return to the bank's target of two percent starting in mid-2027.
France and Germany are at the heart of the equation
Succession calculations indicate that the selection of the next president will not be separate from the distribution of other positions within the monetary institution, in light of the need for capitals to build a consensus that takes into account the political and economic weights of the major countries, geographical balance, and gender.
“Bloomberg” says that the French-German consensus will be a decisive element in any deal, while other factors, such as the candidates’ previous orientations regarding monetary policy, and the map of the current European governments, may enter into the selection calculations.
However, the scenarios presented at this stage remain estimates of the course of the negotiations and are not a final list of candidates. The faltering consensus may lead to the emergence of a name that was not at the forefront, or to postpone the decision until the political balances in Europe become clear.
