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21

OPEC bulletin 10/17

such pronounced and long-term declines in invest-

ments are a serious threat to future supply,” he under-

lined. “But given our projected future demand for oil,

the world simply cannot afford a supply crunch. Thus,

we need to continue to make every effort to make sure

that future supply is not jeopardized. Recognizing

and respecting the link between long-term security of

supply and short-term conditions is critical. In other

words, we all need to work hard for sustainable mar-

ket stability.”

Cooperation and dialogue

He then went on to emphasize the importance of inter-

national cooperation and dialogue among all industry

stakeholders in addressing these challenges.

“The only way to strive for this market stability is to

do so collaboratively, in consultation with other energy

stakeholders,” he proclaimed. “We have done so — and,

as part of this, we continue to emphasize the need for

better information about energy and environmental pol-

icies in consuming countries, as well as of energy trends

worldwide. Such issues are of common concern and, as

such, cannot be pursued in isolation. They require com-

mon and collective responses.”

In closing, the Secretary General alluded once more

to Robert Mabro, praising his collaborative work ideals

as an example for all industry stakeholders.

“We should remember that it is not the actual find-

ing of a permanent solution to any one challenge that

makes us successful, rather, it is the way we act and

respond to each and every new challenge, and the way

we work together and collaborate that will really deter-

mine whether we have learned anything from the late

Robert Mabro’s vast learning, collaborative nature and

generous spirit.”

The Oxford Energy Seminar

was held on the campus of

St Catherine’s College at

Oxford University.

Alamy