World Petroleum Congress starts in Istanbul

500 top industry executives, 50 energy ministers and 6,000 delegates will converge on Istanbul for the 22nd World Petroleum Congress, which starts today. Referred to as the ‘Olympics’ of the oil industry, delegates will spend five days discussing a changing industry and an increasingly uncertain global environment.

Oil prices have slumped almost 60% since reaching highs of more than $100 a barrel three years ago. Today, oil trades between $45 and $60 a barrel, forcing oil firms to cut costs to keep investors satisfied.

Over 200 American oil companies have filed for bankruptcy in the last two years, but the firms that have survived are ready to thrive. Oil behemoths BP and ExxonMobil posted record profits in the first quarter of the year. Both are planning multi-billion investments off the coasts of India and Guyana, respectively, indicating confidence in a notoriously volatile market.