Iraq set to defy OPEC and refuse oil production cut
Oil production in Iraq is looking unlikely to be cut after the country’s state owned oil marketing company said it would defy OPEC’s agreement.
The move has led to a fall in oil prices at the start of this week, with OPEC due to meet on November 30 to reportedly decide on the extent of the production decrease. Iraq is the group’s second largest oil producer, second only to Saudi Arabia, meaning any agreement would be difficult to conclude without the support of a major player.
Falah al-Amri, the head of Iraq's State Oil Marketing Company fuelled the uncertainty by saying: "We are not going back in any way, not by OPEC not by anybody else.”
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, with the signing of an agreement in September 1960 by five countries - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
The group now also includes Qatar, Indonesia, Libya, the UAE, Algeria, Nigeria, Ecuador, Gabon and Angola. The 2016 OPEC World Oil Outlook (WOO) will be presented at a briefing to be held at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016 in the UAE. First published in 2007, the WOO provides in-depth review and analysis of the global oil industry, and offers a thorough assessment of various scenarios in the medium- and long-term development of the oil industry.
The 171st (Ordinary) OPEC Meeting on November 30 will be held in Vienna, Austria.
Read the November 2016 issue of Business Review Middle East magazine
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.