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OPEC bulletin 3–4/17


PEC Secretary General, Mohammad Sanusi Barkindo,

attended the International Petroleum (IP) Week confer-

ence in London on February 21, at which he highlighted

the Organization’s recent landmark successes.

During the event, he delivered a keynote address on

‘The future

economy of oil from the Middle East and across OPEC’

at a session

moderated by Manus Cranny, Markets Editor/Anchor, of Bloomberg

TV, who followed the Secretary General’s speech with a number of

questions, including some from the audience.

In his comments, Barkindo highlighted howmuch had changed

in the industry since the last time he spoke in London at the Oil &

Money conference, in October 2016.

He especially pointed to the landmark and historic decisions

reached by OPEC and non-OPEC countries at the end of last year,

stressing that “collaborative and timely intervention was taken to

address the prevailing market realities.”

Barkindo also spoke about the gravity of the sharp contraction

in oil industry investments in both 2015 and 2016

(see speech on



IP Week, hosted by the Energy Institute, is a highly respected

global annual conference where leaders from the global oil and gas

industry share their wealth of knowledge and experience with fel-

low experts over three days of conferences, seminars, roundtables

and social events.

This year’s event also saw the awarding of ‘The International

Oil Diplomacy Man of the Year Award’ to Dr Mohammed Bin

Saleh Al-Sada, Qatar’s Minister of Energy and Industry, and OPEC

Conference President in 2016.

The OPECSecretary General said that “the judgement, patience,

guidance, consistency and dedication” shown by Al-Sada in bring-

ing together OPEC and non-OPEC in 2016 “were a cornerstone of

the great efforts aimed at rebalancing the market, supporting sus-

tainable stability and ensuring that the necessary industry invest-

ments return.”

Whilst in London, Barkindo also participated in the 2017

Annual IP Week Client Briefing Seminar, organized by Citigroup.

He was interviewed by Edward Morse, Global Head of Commodities

Research at Citigroup, with more than 100 leading companies,

including producers, consumers, traders and fund managers, in


The OPEC Secretary General spoke on a number of issues,

including the recent OPEC and non-OPEC decisions, the current

oil market environment, the transparency drive and the need to

develop a better understanding of the relationship between phys-

ical and financial markets.

Barkindo and his accompanying OPEC team also paid a visit to

the head office of oil major, BP, where they met with a number of the

firm’s executives, including Lamar McKay, the company’s Deputy

Chief Executive Officer, and Spencer Dale, Chief Economist.

Talks focused on the near- and long-term outlooks, including

elements from BP’s recently released ‘

Energy Outlook

’ and OPEC’s

World Oil Outlook

. Both sides agreed to enhance their cooperation

through regular technical exchanges on oil market analysis and


Themeeting with BP follows similar recent interactions between

the OPECSecretary General and the CEO of Eni, Claudio Descalzi, at

the company’s headquarters in Milan, and with Patrick Pouyanné,

Chairman and CEO of Total SA, in Paris.

IP Week keynote address, client

briefing seminar and visit to BP

Mohammad Sanusi Barkindo, OPEC Secretary General (r), with

Edward Morse, Global Head of Commodities Research at Citigroup.

Barkindo (l) with Lamar McKay, BP’s Deputy Chief Executive Officer.