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OPEC bulletin 3–4/17


he seventh International Energy Agency

(IEA), International Energy Forum (IEF), OPEC

Symposium on Energy Outlooks was held at the

IEF’s Headquarters in Riyadh, Saudi Arabia on February

15, 2017.

According to a joint press release issued after the

one-daymeeting, the symposium successfully concluded

its sessions, debating short-, medium- and long-term

energy outlooks and transport sector dynamics.

It noted that both the IEA and OPEC publish energy

market outlooks based on rigorous analysis of available

statistical data, market fundamentals, macroeconomic

developments, policy trends and assumptions.

In addition, on the occasion of the biennial IEF

Ministerial meetings, both organizations present focused

findings that they derive from their analysis and outlooks,

it added.

IEF Secretary General, Dr Sun Xiansheng, his coun-

terpart at OPEC, Mohammad Sanusi Barkindo, and Dr

Kamel Ben Naceur, Director of Sustainability, Technology

and Outlooks, representing the Executive Director of the

IEA, welcomed more than 120 senior government and

industry representatives from energy-producer and con-

sumer countries to the symposium — described as “an

inclusive and neutral platform” provided by the IEF.

OPEC Conference President, Khalid Al-Falih, Minister

of Energy, Industry and Mineral Resources of Saudi

Arabia, who also attended, welcomed participants by

stating that as energy markets were governed by more

complexity, “enhancing dialogue on probable energy

pathways improves market transparency and brings us

closer to achieving our goals together.”

IEF head Sun pointed out that “global energy security

depends more than ever on enhancing commitment, reli-

ability and trust. This can only be achieved by a vibrant

energy dialogue on a global level,” he maintained.

Ben Naceur stated that “the IEA is committed to con-

tinued collaboration aimed at providing transparency on

the model assumptions, underlying the energy outlooks

and looks forward to continued discussions with the

other partners and stakeholders on the implications of

the different scenarios.”

In his comments,

OPEC’s Barkindo spoke

about the success of the

Organization’s recent

decisions to adjust pro-

duction, but stressed that

there was a great deal of

uncertainty in the world—

not only in the petroleum

industry, but also in the

wider political context,

that also potentially pro-

vided historic opportunities.

He pointed out that there wasmuch speculation as to

what the future might hold. “But, as you know, none of us

has a crystal ball, and no one can predict the future. With

this in mind, I cannot overemphasize the importance of

ongoing dialogue and cooperation.”

Barkindo noted that OPEC already had an exten-

sive list of bilateral and multilateral energy dialogues

that it held annually with international stakeholders,

including the European Union, Russia, China, India, the

“... enhancing dialogue on probable

energy pathways improves market

transparency and brings us closer to

achieving our goals together.”

— Al-Falih


seventh symposium

on energy outlooks