Wednesday , 25 April 2018

OPEC, IEA move to achieve oil market stability

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC's headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader

The Organisation of Petroleum Exporting Countries, OPEC and the International Energy Agency, IEA have resolved to close ranks in order to achieve increased stability in the global oil market.

Receiving the IEA officials to OPEC Secretariat on April 4, 2018,  HE Mohammad Sanusi Barkindo, OPEC Secretary General, indicated that: ‘’It was Claude Mandil (former Executive Secretary of the IEA) who said to me in Paris, after my visit to your office – ‘Congratulations to you and Fatih for breaking down the Berlin Wall that kept OPEC and the IEA apart for too long’.

‘’Today, we reciprocate that hospitality.  I am thus honoured to warmly welcome him and his team to the OPEC Secretariat.  As both a colleague and friend, this is truly a sort of ‘homecoming’ for him – a reuniting of former members of the OPEC family.

‘’Through our respective organizations, Fatih and I have shared many platforms.  We have been together for high-level policy discussions and have served together on various panels.  Whether at the World Energy Council or the World Petroleum Congress, we have had numerous opportunities to exchange outlooks, share insights and break bread together.

‘’We have also been together at world renowned platforms, participating in special sessions at events such as CERAWeek in Houston, the Oil & Money Conference in London and the World Economic Forum in Davos.’’

He also added: ‘’In fact, our discussions and exchanges on the market and the industry have been much commended.  Dialogue and discussions between the IEA and OPEC are increasingly considered an essential part of the various international gatherings in which we participate.  Conference organizers now regularly ask us to appear together on the same panel – and we play off each other well.

‘’At the same time, we continue to pursue close relationships between our organizations at different levels – not just at the executive level.  Our technical experts, research specialists and statisticians often come together at specialized gatherings and technical meetings.

‘’Just a few weeks ago, we held the Sixth Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets here in Vienna.  This Workshop was immediately followed by a specialized technical meeting, held here at the Secretariat.

‘’These were both exemplary affairs.  But we have a lot more that we can do together – and there is a lot more to achieve in the coming years.

‘’We are proud that the relations between our two great organizations have strengthened over the years.  Both the IEA and OPEC have been enriched and stimulated through an increase in the extent and quality of our contacts, content and cooperation.

‘’For today, we have much ground to cover.  Today’s programme shall give us an opportunity to look further into many areas of common interest, as well as areas of possible collaboration.  These potential ‘avenues of cooperation’ hold great promise – not only to address the common challenges that we face together but to deepen our institutional ties even further.

‘’Faith, I welcome you back to one of your starting places – your old ‘home’.  I thank you for your friendship and close cooperation.  The dialogue between our organizations is something to be proud of.  It forms part of an ‘enhanced momentum’ that we have seen in recent years – which will further strengthen our cooperation, now and into the future.’’

Officials of the IEA also expressed similar commitment to achieving oil market stability through increased cooperation with OPEC and other institutions.

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