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23

OPEC bulletin 3–4/17

AlAshgar gave a detailed overview of the Centre, while some

of its researchers gave presentations on OPEC’s spare capacity,

energy demand in the transport sector and Saudi Arabia’s Vision

for 2030.

Members of the OPEC delegation also made presentations,

focusing on key long-term conclusions drawn from OPEC’s

World

Oil Outlook (WOO) 2016

and also on short-termmarket prospects.

Commenting during the visit, the OPEC Secretary General

emphasized that OPEC’s goal was stability of the oil market, stat-

ing that “spare capacity is an insurance against shocks,” and in

the interests of the global economy and, in particular, consumers.

Both Barkindo and AlAshgar stressed the necessity of ongoing

cooperation and dialogue and a regular exchange of information

between OPEC and KAPSARC’s researchers, stressing that they

looked forward to future collaboration.

Meanwhile, during his visit earlier to Saudi Aramco, the OPEC

Secretary General, was praised by Nasser and other senior com-

pany officials for the recent work done in support of oil market

equilibrium.

Nasser acknowledged the positive role that OPEC has contin-

ued to play worldwide, particularly during recent negotiations with

other energy stakeholders in efforts to restore stability to the oil

market on a sustainable basis.

Barkindo lauded Saudi Aramco’s many achievements, which,

he said, were an important source of pride for both OPEC and Saudi

Arabia. He also highlighted the high performance of the company’s

staff and their professionalism, as well as plans recently adopted

by Aramco to develop its manpower.

“I am very impressed by the level of investment you have made

in human capital,” he affirmed.

The OPEC Secretary General briefed Nasser on the oil market

condition, providing an overview of last year’s landmarkOPEC deci-

sions and their role in helping to rebalance the market.

These included the Vienna decision, reached during the 171

st

Meeting of the OPEC Conference on November 30, and the subse-

quent ‘Declaration of Cooperation’ between OPEC and non-OPEC

oil producers, agreed on December 10.

Barkindo’s meeting with Nasser was also an opportunity for

OPEC officials to exchange data and share their models and anal-

ysis with company officials, who gave a detailed presentation on

‘Saudi Aramco and a Technology Overview’,

focusing on some of

Aramco’s recent work.

The Secretary General and his team were also taken on a tour

of various Aramco departments and research divisions, includ-

ing Oil Supply Planning and Scheduling, the Exploration and

Petroleum Engineering Centre and the Upstream Development

Centre.

The OPEC delegation also attended technical presentations on

‘Upstream Challenges and Solutions’ and other research activities

during each of the visits.

In the afternoon, the OPEC Secretary General met with Saudi

Aramco’s Corporate Planning Management Division for a broad,

high-level exchange of outlooks.

The OPECdelegation again gave a presentation on the long-term

outlook for the market, based on the recent findings of the WOO,

while the Organization’s researchers delivered a presentation on

the short-term oil market prospects.

Aramco officials, in turn, gave a presentation on the challenges

facing future energy markets and explained some of the forecasting

methodologies the company used in its analysis.

Mohammad Sanusi Barkindo, OPEC Secretary General (l) receives a symbolic gift

from Samer AlAshgar, President of KAPSARC.

Mohammad Sanusi Barkindo (l), OPEC Secretary General, with Amin Nasser,

President and CEO of Saudi Aramco.

Photos courtesy of the Ministry of Energy, Industry and Mineral Resources, Saudi Arabia.