10th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets

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Vienna, Austria
26 Mar 2024

[Joint Press Release] The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) held the 10th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets.

The high-level technical meeting was chaired by Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division, together with Mr. Christof van Agt Ross, Director of the IEF’s Energy Dialogue, and Mr. Joel Couse, Special Advisor to the IEA.

Discussions during the workshop had three sessions. The first addressed the ‘Factors driving oil market volatility’. This was followed by a second session on ‘Evolving crude benchmarks, price formation and interaction with derivatives markets’. The third session covered ‘Ensuring adequate financing to sustain oil and gas developments’.

In his remarks, Dr. Al-Qahtani stated that “our latest World Oil Outlook puts cumulative oil-related investment requirements from now until 2045 at approximately $14 trillion, or around $610 billion on average per year. This massive spending will be required to meet global oil demand, which is expected to reach 116 mb/d by 2045. This must be an industry priority if we are to maintain security of supply and avoid unwanted volatility in the years ahead.” Dr. Al-Qahtani added that “we must continue to do everything we can to avoid volatility, and this includes speculative positioning, which can adversely impact the global oil market.”

The IEF’s Mr. van Agt Ross told the Workshop: “Though physical and financial energy market linkages are better understood and have become more transparent, they require constant analysis to support the stability of world energy markets in a rapidly changing world.”

Mr. Couse of the IEA noted that “the continuation of this regular event has contributed to a better understanding of price formation in oil markets, and energy markets generally. Today’s workshop demonstrates again the importance of the ongoing dialogue between OPEC, the IEF and the IEA on subjects of common interest to the three parties.”

The Joint Workshop is part of the trilateral work programme established by the three organizations and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, in March 2010. Since then, the joint IEA-IEF-OPEC meetings covering the evolving inter-linkages between physical and financial energy markets have developed into a unique, high-level technical events that bring together a diverse range of market participants to discuss issues that are not addressed in other high-level fora.

Group photo

Group photo

The Workshop was chaired by Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division, together with Mr. Christof van Agt Ross, Director of the IEF’s Energy Dialogue, and Mr. Joel Couse, Special Advisor to the IEA.

The Workshop was chaired by Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division, together with Mr. Christof van Agt Ross, Director of the IEF’s Energy Dialogue, and Mr. Joel Couse, Special Advisor to the IEA.

The Workshop took place at the OPEC Secretariat in Vienna, Austria.

The Workshop took place at the OPEC Secretariat in Vienna, Austria.