IBBC continues to hold online sessions to compensate for the postponement of the Mansion house conference and difficulty of members to travel from Iraq.

This week the team brought together the geopolitical panel, overseen by Jon Wilks and the energy panel, chaired by Vikas Handa of GulfteK. At a time of great uncertainty in the gulf the panel covered the impact on fiscal and geo political activities, with Sarah Akbar, of OilServ covering the dynamics of the energy market and the options for its rapid return once hostilities are lifted and the continued demand for energy globally with AI and economic growth, whatever adaptations companies are making and the demand destruction of 9 mb oil. It’s clear the current Iraqi PM has the toughest situation of any as he balances income with demands, Iraq and the USA. Hoz Khaznadar of the advisory council, discussed the new options for distribution through Syria, the KRG and Turkey and the significant impact on electricity generation now the southern oil fields are closed, and reduction of gas availability by 2/3rd.If things continue, there will be big social tensions for the government. The closure of Hormuz has precipitated infrastructure rethinks by all governments especially regarding new pipelines, and in Iraq the Haditha Basra pipeline is a priority. Mina Al Oraibi of the National in the UAE provided a UAE perspective, with rethinks on oil distribution through Oman, relations with Saudi, and the region generally. Edward Oakden of IDB raised strategic questions on Iraq’s relationship with USA and the coming business trip to USA, seen as positive for larger investment projects in Iraq. Professor Frank Gunter raised the spectre of peaking and diversifying energy production in Latin America and USA, and diversification away from the Gulf states over the next 5 years and whether we will hear less about the middle east in future. Amar Shubar of Management Partners and Stephen North of Newcastle University also participated in questions.

The next IBBC event is SME conference on 11th June