IEA, IEF and OPEC Hold 12th Symposium On Energy Outlooks

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Riyadh, Saudi Arabia
16 Feb 2022

[Joint Press Release] The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) today hosted the 12th IEA-IEF-OPEC Symposium on Energy Outlooks.

Held at the IEF Secretariat in Riyadh, the symposium reviewed the IEA’s and OPEC’s short-, medium- and long-term outlooks, which are compared in this year’s version of the IEF-RFF Outlooks Comparison Report.

“Energy market outlooks were for decades the preserve of a small group of experts. But today, they have become a critical component of our understanding of the future for our climate,” said IEF Secretary General Joseph McMonigle.

“Intensifying the open dialogue between producers and consumers, aligning outlooks and sharing perspectives, is vital to stabilizing global energy markets and supporting a just and orderly transition,” he added.

Projections based on today's policy settings from both the IEA and OPEC see global energy demand rising through 2045 for OPEC and 2050 for the IEA, the symposium heard.

Significant uncertainties remain regarding policy and technological development, which will play important roles in shaping the pace of demand growth as well as the composition of the fuel mix.

Dr Fatih Birol, the Executive Director of the IEA, said: “Never has the dialogue between energy producers and consumers been more important than today. The energy sector faces a range of challenges related to security, affordability and sustainability – and we must navigate them together if we are to ensure success.”

Dr Ayed Al-Qahtani, Director of OPEC’s Research Division, delivered remarks on behalf of HE Mohammad Sanusi Barkindo, OPEC Secretary General.

Dr Al-Qahtani thanked the IEA and the IEF for the continuous, robust partnership, including today’s symposium, which has become an important gathering of leaders, ministers and industry experts on the global energy agenda.

“Our deep and meaningful collaboration affects all of the world’s citizenry, who rely on us to find solutions to the very substantial problems facing mankind today,” he stated, adding, “Today’s meeting has provided us with a very special arena to openly examine and compare our outlooks and learn from each other to enhance the producer-consumer dialogue on energy security and improve market transparency.”

“The IEA, IEF and OPEC are working together to achieve an orderly energy transition, along with a more secure and sustainable energy future. Our dialogue supports energy security, while addressing environmental protection and mitigation of climate change, and moving economic prosperity forward for all on this planet, including the most deprived.”

Several energy ministers participated in the symposium including HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia; Virgil-Daniel Popescu, Minister of Energy of Romania; Diego Mesa, Minister of Mines and Energy of Colombia; and HE Bruno Jean-Richard Itoua, Minister of Hydrocarbons of Congo and President of the OPEC Conference.

Other featured speakers included Rafael Mariano Grossi, Director General of the International Atomic Energy Agency; Francesco La Camera, Director General, International Renewable Energy Agency; Mohamed Hamel, Secretary-General, Gas Exporting Countries Forum (GECF); Numar Allfonso Blanco Bonilla, Executive Secretary of OLADE; Amos Hochstein, Senior Advisor for Energy Security, US Department of State; and Lord Browne of Madingley, Chairman of BeyondNetZero.

Dr Ayed Al-Qahtani, Director of OPEC’s Research Division

Dr Ayed Al-Qahtani, Director of OPEC’s Research Division

The 12th IEA-IEF-OPEC Symposium on Energy Outlooks was held in Riyadh, Saudi Arabia.

The 12th IEA-IEF-OPEC Symposium on Energy Outlooks was held in Riyadh, Saudi Arabia.