OPEC holds special workshop on forecasting global oil demand and non-OPEC supply

Vienna, Austria, 1 October 2020--The OPEC Secretariat hosted today a technical workshop via videoconference to discuss global oil demand and non-OPEC supply forecasting.

The workshop was attended HE Mohammad Sanusi Barkindo, OPEC Secretary General, a Secretariat team, and delegates from OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation, along with representatives from forecasting agencies.

The Secretary General opened the workshop by emphasizing the importance of improving industry standards, noting that production surveys, methodology and sources are fundamental to this process.

HE Barkindo added that today’s meeting focuses on addressing “uncertainties and factoring in the changing dynamics of the time, as the world grapples with that invisible opponent, COVID-19, and its knock-on effects. We will especially emphasize market developments and prospects.”

“We remain cautiously optimistic about the oil market’s recuperation, even as the world continues to battle COVID-19 resurgences and clusters,” he said, adding, “large uncertainties and risks will continue to destabilize the oil market and affect the pace of economic recovery” until an effective vaccine is found.

HE Barkindo acknowledged the critical role that the OPEC Secretariat has played as a facilitator in organizing meetings and dialogues such as the one being held today. He also emphasized the critical importance of accurate and transparent data, in-depth analysis and comprehensive reporting.

The Secretary General concluded by noting the difficulties that some countries are currently facing, as another wave of COVID-19 infections has emerged, adding that some nations are still experiencing the virus’s first infection wave.

The workshop provided a platform through which views on improving comprehensive analysis, transparency and data reporting could be further strengthened and enhanced among energy industry stakeholders.

HE Mohammad Sanusi Barkindo, OPEC Secretary General

HE Mohammad Sanusi Barkindo, OPEC Secretary General

The workshop was held via videoconference

The workshop was held via videoconference