OPEC bulletin 10/17
D i a l o g u e
knowledge exchange on
Asian energy outlook
No discussion on the future of the energy and oil industries is
complete without due regard being given to the growing importance
of Asia, as the world’s most populous continent will be the engine of
economic growth and epicentre of energy demand. For this reason, in
the last three years, OPEC has made the Technical Meeting on Asian
Energy and Oil Outlook a regular feature in its calendar of events.
The most recent iteration of the meeting took place in October, and
the event once again underscored its value as a forum of knowledge
exchange on pressing energy issues. The
Technical Meeting on Asian Energy and Oil
Outlook was held at the OPEC Secretariat head-
quarters in Vienna. The event, organized in coor-
dination with the Institute of Energy Economics of Japan
(IEEJ), was aimed at enabling technical exchange among
experts from major energy and oil consuming countries
in the region.
The meeting was attended by delegates from
OPEC Member Countries — Kuwait, Nigeria and Qatar
— as well as representatives from leading research
institutes in China, India, Japan and Korea. Experts
were also on hand from Toyota and the Institute
for Internal Combustion Engines-AVL (Anstalt für
Verbrennungskraftmaschinen). Several research
experts from the OPEC Secretariat were also active as
presenters and discussants.
The discussions focused primarily on the Asian
energy and oil outlook, energy and policy analyses of key
countries and the region, as well as associated uncertain-
ties within the context of global developments.
Mohammad Sanusi Barkindo, OPEC Secretary
General, opened the meeting by emphasizing that
strengthening and enhancing cooperation with its part-
ners in the energy industry is a priority for OPEC.
“Such dialogue is crucial given that Asia is, and will
continue to be, a major centre of economic growth, play-
ing a pivotal role in the future of the energy industry,” he
stated. “OPEC is determined to have a constructive rela-
tionship with its counterparts in Asia and be regarded as
a reliable partner.”
The Secretary General then provided an overview of
the events leading to the ‘Declaration of Cooperation’
and the rationale behind the historic decision. The
consequences of the success of the ‘Declaration of
Cooperation’ for Asia were also outlined.
The Secretary General went on to describe the piv-
otal role Asia will play in the future of the world’s energy
outlook. “Overall, global energy demand is expected to
increase by approximately 100million barrels of oil equiv-
alent per day between 2016 and 2040,” he pointed out.
“Roughly 60 per cent of this will come from Asia. A simi-
lar pattern can be observed with oil demand, which will