OPEC releases its 2007 World Oil Outlook

No 6/2007
Vienna, Austria
26 Jun 2007

“With energy central to poverty alleviation, social progress, economic expansion and the enhancement of sustainable development for us all, it is helpful we have platforms for discussion and exchanges of views about how the energy system might evolve in this regard”, Abdalla Salem El-Badri, OPEC Secretary General, said at the launch of the annual publication at a meeting of OPEC’s Economic Commission Board in Vienna, today. “The release of OPEC’s 2007 World Oil Outlook is an essential element in this process.

“It is part of OPEC’s commitment to support market stability, a pledge that goes back to its inaugural meeting in Baghdad in September 1960”, he added. “The publication’s outlook for both oil supply and demand helps establish the features, extent and magnitude of the possible challenges and opportunities that may lie ahead of us.”

The Outlook is split into two sections, one focusing on oil supply and demand to 2030 and the other on oil downstream. It highlights that fossil fuels will continue to provide the majority of the world’s commercial energy needs, with oil the leading source in helping fuel the growth and advancement of today’s developing nations and the continued progress of industrialised ones. In this respect, oil resources are sufficient to meet demand.

The publication also underscores the growing global energy and economic interdependence between nations and regions. The reality is that energy security must be viewed as an intertwined mutually supportive supply and demand network. The Outlook acknowledges that no-one can act alone and as an industry we have to be inclusive: to look at the needs and responsibilities of oil producers and consumers, oil exporters and importers, and developed and developing nations, with many of the latter requiring improved access to modern, reliable and affordable energy services.

OPEC does not hold out any of the Outlook’s scenarios as forecasts of an energy future, rather indicators as to how the Organization views the possible evolving energy landscape. It is a means of further opening up the channels for extending dialogue and co-operation, something on which OPEC places much credence.

El-Badri concluded: “The World Oil Outlook is a demonstration of the Organization’s commitment to a secure, sound and stable oil industry; today, tomorrow and into the future, and is testament to the excellent work the OPEC Secretariat delivers year-on-year. The team responsible for the Outlook should be extremely proud of their efforts.”

The 2007 World Oil Outlook is available for download at: www.opec.org.