Wednesday , 25 April 2018

Global leaders assess future at 8th IEA-IEF-OPEC symposium on energy outlooks

Energy ministers and world-renowned experts gathered in Riyadh for the 8th IEA-IEF-OPEC Symposium on Energy Outlooks that the International Energy Forum (IEF) convenes yearly in collaboration with the International Energy Agency (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) to discuss energy outlooks, review historical baseline data, and advance the comparability of different scenarios in a collective effort to enhance producer-consumer dialogue on energy security and market transparency.

The Symposium was opened by Dr Sun Xiansheng, Secretary General of the International Energy Forum, HE Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC); and Keisuke Sadamori, Director, Energy Markets and Security, representing the Executive Director of the International Energy Agency.

The representatives of the three organisations welcomed more than 150 senior government and industry representatives from energy producing and consuming countries to the open platform the IEF provides.

In his welcoming remarks, Dr Sun Xiansheng noted that this year’s high-level attendance, which included the energy ministers of Saudi Arabia, Russia, and Sudan highlights the importance of inclusive dialogue on global energy security and energy data transparency for our shared energy future.

“Global energy dialogue is more important now than ever. We currently find ourselves at an energy crossroads, and it is imperative we talk to each other, engage one another and achieve goals together. This Symposium is essential to that end,” Dr Sun Xiansheng said.

HE Khalid Al-Falih Minister of Energy, Industry, and Mineral Resources, Saudi Arabia; HE Alexander Novak, Minister of Energy, Russia made introductory remarks on behalf of the host country, and participating ministers.

HE Khalid Al-Falih, said that “Realism and resolve are the only ways to achieve an orderly transition to a more secure, more sustainable energy future” and highlighted that “there is a tremendous opportunity here for the IEA, the IEF and OPEC to collaborate in promoting a rational view of future energy policy that will promote energy security, encourage environmental protection, meet and mitigate the challenges of climate change, and help to fuel economic prosperity not just in the developed world, but the developing world as well.

The Minister of Energy of Russia, HE Alexander Novak stated that “For any country to successfully implement its energy policy an adequate understanding of the main trends, and factors influencing markets is necessary.  To create a predictable environment for policy and investment decisions we strongly believe that the process of modelling of the future, through an inclusive comparative analysis of Energy Outlooks, must become universal and global. In this regard, we yield due praise to the IEF, which for more than 20 years has been successful in its role as the main platform and coordinator of this process.”

“Today’s event is a further bridge to enhancing a common understanding between IEF, the IEA and OPEC,” the OPEC Secretary General stated. “These efforts are a priority for OPEC because in today’s increasingly complex and interlinked global oil market, no one player can go it alone—cooperation and dialogue are crucial.”

Mr. Keisuke Sadamori stated that the IEA was committed to working together with IEF, OPEC, and other stakeholders in order to make a significant contribution to the process of transition to more sustainable and secure energy systems.

Discussions in three sessions governed by the Chatham House Rule focused on the latest IEA and OPEC projections, key findings from the comparative analysis, projections by the U.S. Energy Information Administration, invited as a special guest, and industry views on energy outlooks, as well as investment in unconventional and conventional oil and gas production.

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