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26

OPEC bulletin 10/17

D i a l o g u e

OPEC facilitates

knowledge exchange on

Asian energy outlook

No discussion on the future of the energy and oil industries is

complete without due regard being given to the growing importance

of Asia, as the world’s most populous continent will be the engine of

economic growth and epicentre of energy demand. For this reason, in

the last three years, OPEC has made the Technical Meeting on Asian

Energy and Oil Outlook a regular feature in its calendar of events.

The most recent iteration of the meeting took place in October, and

the event once again underscored its value as a forum of knowledge

exchange on pressing energy issues. The

OPEC Bulletin

reports from

the meeting.

T

he 3

rd

Technical Meeting on Asian Energy and Oil

Outlook was held at the OPEC Secretariat head-

quarters in Vienna. The event, organized in coor-

dination with the Institute of Energy Economics of Japan

(IEEJ), was aimed at enabling technical exchange among

experts from major energy and oil consuming countries

in the region.

The meeting was attended by delegates from

OPEC Member Countries — Kuwait, Nigeria and Qatar

— as well as representatives from leading research

institutes in China, India, Japan and Korea. Experts

were also on hand from Toyota and the Institute

for Internal Combustion Engines-AVL (Anstalt für

Verbrennungskraftmaschinen). Several research

experts from the OPEC Secretariat were also active as

presenters and discussants.

The discussions focused primarily on the Asian

energy and oil outlook, energy and policy analyses of key

countries and the region, as well as associated uncertain-

ties within the context of global developments.

Mohammad Sanusi Barkindo, OPEC Secretary

General, opened the meeting by emphasizing that

strengthening and enhancing cooperation with its part-

ners in the energy industry is a priority for OPEC.

“Such dialogue is crucial given that Asia is, and will

continue to be, a major centre of economic growth, play-

ing a pivotal role in the future of the energy industry,” he

stated. “OPEC is determined to have a constructive rela-

tionship with its counterparts in Asia and be regarded as

a reliable partner.”

The Secretary General then provided an overview of

the events leading to the ‘Declaration of Cooperation’

and the rationale behind the historic decision. The

consequences of the success of the ‘Declaration of

Cooperation’ for Asia were also outlined.

The Secretary General went on to describe the piv-

otal role Asia will play in the future of the world’s energy

outlook. “Overall, global energy demand is expected to

increase by approximately 100million barrels of oil equiv-

alent per day between 2016 and 2040,” he pointed out.

“Roughly 60 per cent of this will come from Asia. A simi-

lar pattern can be observed with oil demand, which will