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
Members of the OPEC delegation also made presentations,
focusing on key long-term conclusions drawn from OPEC’s
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
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
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
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.