ExxonMobil CEO Rex Tillerson and HRH Prince Faisal Bin Abdel Aziz Al-Saud at the World Petroleum Congress in Moscow, June 2014
major ExxonMobil Chairman Rex Tillerson met with HRH Prince Faisal Bin Turki Bin Abdel Aziz Al-Saud, Ministry of Petroleum, Saudi Arabia in Kremlin Palace in Moscow during the official opening of the 21st World Petroleum Congress. The two executives greeted each other and immediately were in the spot light of the industry media. The two countries were the two driving forces behind broadly expected crude oil prices steep downfall which was not the case for the time of the congress, but turned to be the reality in the second half 2014. This particularly hurt the interests of the oil producing and exporting nations, including Opec members (including the Saudi Arabia), Venezuela and Russia as well. Powerful growth of light tight oil (LTO) production in the (90mn b/d growth in 2014, the biggest single jump in production in history) changed the patterns of crude oil supplies in the world, steeply cutting the crude prices and destroying Opec dominating position in global price making balance. While many in Russia rushed to blame the Saudi Arabia's conspiracy with the , in reality, the Saudi top oil management was actually affraid of the powerful technological capabilities developed in the and refused to cut production fearing for its own share in the global oil markets
Size: 5669px × 3780px
Location: 2014, Russia, Moscow, Kremlin Palace
Photo credit: © Dimar Photo / Alamy / Afripics
License: Licensed
Model Released: No
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