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28

OPEC bulletin 3–4/17

I P W e e k

And there was also “the major topical issue of our time” to

contend with — climate change. “It obviously has the potential to

impact energy demand, the overall energy mix and the future econ-

omy of oil.”

Barkindo stressed that OPEC not only welcomed the Paris

Agreement on climate change from COP 21 and its early enforce-

ment toward the end of 2016. “Our Member Countries played an

important role in reaching the Agreement — and they will also play

a role in its implementation. All 13 OPEC Member Countries have

signed the Agreement and all are in the process of ratifying it,” he

added.

Barkindo highlighted that he visited Bonn, Germany in October

last year to meet with Patricia Espinosa, Executive Secretary of the

UN FrameworkConvention on Climate Change (UNFCCC), to enhance

cooperation between the UNFCCC and OPEC. “This collaboration is a

new and positive development that was welcomed by the UNFCCC.”

He stated: “It is vital, however, to remember that the implemen-

tation of the Paris Agreement should continue to be guided by the

principles and provisions that were provided for in the UNFCCC. The

unique situation of developing countries, in particular, should be

given the priority it deserves, including those developing countries

dependent on oil.”

Barkindo said that in terms of the energy mix, “we can expect

to see a further shift towards renewables in the coming decades.

Let me stress that OPEC is greatly supportive of the development of

renewables. Many of our countries have vast sources of solar and

wind, and significant investments are being made in these fields.

“Of course, we also acknowledge the challenges of emissions

that come from burning fossil fuels. In this regard, we recognize the

need to use energy efficiently and to continually look to develop

and adopt cleaner energy technologies, such as carbon capture

and storage and many others in the future.

“I ama believer that solutions can be found in technologies that

reduce and ultimately eliminate these emissions. In this regard, I

welcome coordinated action with the industry and through various

research and development platforms.”

In conclusion, the OPECSecretary General said the Organization

remained optimistic about a sustainable future for oil.

“We believe it will continue to play a central role in helping pro-

vide heat, light and mobility to billions of people across the world,

and we believe it will continue to help drive the economies and the

diversification of our Member Countries.

“The focus needs to be on sustainable oil market stability. It is

the concern that links us all,” he stated. “Stability is vital for secu-

rity of supply and security of demand, which are in turn both vital

to stable investments and future capacity expansion. This is ben-

eficial to both producers and consumers.

“To put it simply: oil market stability is one of the central pillars

of a well-functioning global economy,” he added.

Al-Sada voted

‘Man of the Year’

for international

oil diplomacy

Q

atari Minister of Energy and Industry, Dr Mohammed

Bin Saleh Al Sada, who was President of the OPEC

Conference last year, has been named

‘International

Oil Diplomacy Man of the Year’

for 2016.

The Award, presented to Al-Sada at the Energy Institute’s

International PetroleumWeek

conference in London in February,

was in recognition of the key role he played throughout last year

in leading OPEC Member Countries and coordinating with non-

OPEC producers to secure landmark decisions to adjust global

oil supplies.

The Award is also in recognition of the critical role Qatar has

played in leading producing countries from around the world to

find common purpose in cooperation and partnership.

“As President of the OPEC Conference, Dr Al-Sada has made

history by showing exemplary vision and stewardship in reaching

a historical decision to cap oil output among OPEC and non-OPEC

oil producers at a time when the energy industry was at its low-

est ebb,” Louise Kingham, Chief Executive of the London-based

Energy Institute, said in handing the Award to Al-Sada.

In a speech on the occasion, the Qatari Minister pointed out

that the Award was truly a recognition of the role of the State

of Qatar under the leadership of the Emir, Sheikh Tamim bin

Hamad Al-Thani, “who consistently guided and encouraged me

to keep the process on track, right through 2016, despite the

many challenges and hurdles we faced. In doing so, Qatar relied

on its cordial relations and mutual trust with the international

community.”

Under these hard circumstances, continued Al-Sada, Qatar, as

President of OPEC in 2016, undertook the responsibility of build-

ing bridges among OPECMembers, followed by bringing together

both OPEC and non-OPEC producers to a common platform with

a unified objective.

“Persistent and persuasive diplomatic initiatives were

adopted as the course of action. This helped in the development

of the Algiers decision (in September), which further paved the