Opening Remarks by OPEC Secretary General

Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the ADIPEC Opening Ceremony, 13 November 2017, Abu Dhabi, UAE.


Chairman, excellencies, ladies and gentlemen,
Good morning.

It is my distinct honour to take part in this Opening Ceremony of the 2017 Abu Dhabi International Petroleum Exhibition and Conference under the Patronage of His Highness, Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates.

It is also a privilege to be on this panel of high-level dignitaries — His Excellency, Suhail Mohamed Al Mazrouei, UAE Minister of Energy; and His Excellency, Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group Chief Executive Officer of the Abu Dhabi National Oil Company.

Allow me to express my appreciation to the UAE Government and its Energy Ministry for the invitation to speak here. I commend you on the wide variety of relevant, timely and innovative topics covered in this year’s programme under the theme: “Forging Ties, Driving Growth.”

Now in its 32nd edition and with more than 10,000 delegates attending from over 100 countries, ADIPEC has evolved into one of the world’s top-tier international energy conferences and exhibitions, and is set to break its records in international participation. For OPEC, this high-caliber event, hosted by our Member Country, the United Arab Emirates, is a yearly highlight on our events calendar.

Excellencies, ladies and gentlemen,

Last year at this time, OPEC was in the midst of ongoing extensive and intensive consultations taking place between our Member Countries and also with non-OPEC Member Countries in a valiant effort to respond to what is considered to be the worst oil price down-cycle in history. The world had witnessed the OPEC Reference Basket price plummet by an unprecedented 80% to $22 per barrel by January of 2016.

These high-level deliberations took place across the world and culminated in the adoption of three key historic decisions:

  • The landmark Algiers Accord, which was adopted at the 170th (Extraordinary) Meeting of the OPEC Conference on 28 September 2016;
  • The Vienna Agreement, which was adopted at the 171st Meeting of the OPEC Conference on 30 November 2016; and
  • The Declaration of Cooperation, which was signed on 10 December 2016 at the inaugural OPEC and Non-OPEC Ministerial Meeting in Vienna.


Last year, there were many in the industry who expressed scepticism on the ability of OPEC to once again rise to the challenge, re-establish confidence, re-build consensus and reach out to non-OPEC producers for a global response to the most severe oil market cycle in recent history. These sceptics were not only confounded by the landmark and historic decisions we reached, including the unparalleled levels of implementation, but have now acknowledged the validity of this global approach, as the only viable option to restore the much needed stability to this industry and its markets.

Today, the oil industry, and indeed the global economy, are clearly benefiting from the noble efforts of this unprecedented joint decision of the 24 OPEC and non-OPEC participating producers of the Declaration of Cooperation.

We are seeing clear indications that the market is rebalancing at an accelerating pace and stability is steadily returning. Based on our latest OPEC Monthly Oil Market Report published today, global stock levels are visibly down. The stock overhang since the beginning of this year alone has dropped by more than 180 mb. The global economic growth dynamic has continued its momentum with the forecast for 2017 revised up to 3.7%, and the economic outlook is positive into 2018, expected to remain at 3.7%. Global demand growth for oil is higher and robust, and is expected to remain above 1.5 mb/d for both 2017 and 2018, higher than in the previous assessment.

I am certain that if we had not mobilized ourselves when we did, building consensus and jointly taking action in responding to the crisis, the industry would be in a different condition than it is today.

Excellencies, ladies and gentlemen,

A new chapter is being authored in the history of the industry by OPEC and its non-OPEC partners, who continue to demonstrate the power of cooperation and dialogue to restore stability and growth in the global oil market.

This afternoon, I look forward to taking part in the C-Suite Dialogue session, entitled “The OPEC Discussion — Stability through Collaboration”.  At that time, I will elaborate further on our broad-based international cooperation efforts to achieve sustainable market stability. I will also share some highlights from this year’s OPEC World Oil Outlook, which we have just released on 7 November.

Thank you for your attention, and I hope to see you again in the afternoon.

HE Mohammad Sanusi Barkindo, OPEC Secretary General

HE Mohammad Sanusi Barkindo, OPEC Secretary General

OPEC Secretary General attends the Opening Ceremony at ADIPEC

OPEC Secretary General attends the Opening Ceremony at ADIPEC

HE Barkindo, OPEC Secretary General; and HE Suhail Mohamed Al Mazrouei, UAE Energy Minister, tour the exhibition at ADIPEC

HE Barkindo, OPEC Secretary General; and HE Suhail Mohamed Al Mazrouei, UAE Energy Minister, tour the exhibition at ADIPEC

Group photo of OPEC Secretariat officials at the ADIPEC 2017

Group photo of OPEC Secretariat officials at the ADIPEC 2017