​HE Barkindo was part of the official ADIPEC opening ceremony on November 7, speaking alongside such high-level dignitaries as His Excellency, Dr Sultan Ahmed Al Jaber, UAE Minister of State and Chief Executive Officer (CEO) of ADNOC; His Excellency, Suhail Mohamed Al Mazrouei, UAE Minister of Energy; and, Rex Tillerson, Chairman and CEO, Exxon Mobil.

​The OPEC Secretary General began by thanking the UAE Government and its Energy Ministry for the invitation, and offered specific thanks to HE Al Jaber and HE Al Mazrouei. He said that OPEC was extremely proud to see such a major event of this nature taking place in a Member Country and stressed that the importance of such an event cannot be over-emphasized, given the fact that the oil and gas industry is – and will continue to be – one of the most vital global economic sectors.

​In analyzing the industry situation, he said that the drop in industry investments in both 2015 and 2016 was “a major concern for an industry that needs regular and predictable investments to provide the necessary supply in the medium- and longer terms.” He said it was vital to see market and financial conditions improve to ensure the necessary future investments take place.

​He went on to underscore the importance of OPEC’s landmark ‘Algiers Accord’ that was focused on accelerating the ongoing drawdown of the stock overhang and bringing the market rebalancing forward.  In this regard, he also underlined the importance of OPEC and non-OPEC coming together to take coordinated and timely action to rebalance the market, for the common good of all.  He added that “our industry works best with collaboration, cooperation and consensus.”

​Later in the day, the OPEC Secretariat and the UAE Ministry of Energy officially unveiled at ADIPEC a new Smart App version for OPEC's Annual Statistical Bulletin (ASB), a joint IT project between the two parties.  The App was developed to provide increased access to the publication’s important data that highlight the latest trends occurring in energy markets.  The APP is now available for download on iOS and Android mobile devices.

​The PDF file and the interactive online version of the 2016 ASB can also be accessed on the OPEC website at: http://www.opec.org/opec_web/en/publications/202.htm.

​On November 8, in a further sign of OPEC’s ongoing commitment to dialogue and transparency as a means to help secure a sound and stable oil industry, the Secretary General and staff from the Secretariat’s Energy Studies Department (ESD) launched OPEC’s World Oil Outlook (WOO) 2016.  This year’s WOO is the tenth edition, a significant milestone for the publication.

​In introducing the publication, the Secretary General said: “We believe that the Outlook should be viewed as a tool of reference to stimulate discussion and debate among industry stakeholders, which we hope will lead to a better understanding of the future of the industry.  It is clear that the sharing of viewpoints is critical to our industry’s future, not only in the short-term, but in the medium- and long-term too.”

​The main WOO presentation was delivered by Dr. Jorge Leon, the OPEC Secretariat’s Energy Demand Analyst, who highlighted the underlying assumptions for the WOO 2016 and presented the key findings of the Outlook, including expectations for the upstream and downstream, supply and demand, investments, as well as the potential impact of policies, including the recently ratified Paris Agreement on climate change and the role of sustainable development. 

​To download the WOO 2016 publication and access the interactive version that enables the downloading of specific data and information, visit:
​http://www.opec.org/opec_web/en/publications/340.htm.

​In concluding the session, the OPEC Secretary General invited HE Jabbar Ali Hussein Al-Luiebi, Iraq’s Minister of Oil, to officially launch the publication and thanked everyone involved in putting together the WOO 2016, as well as those that facilitated its unveiling in the UAE.  It is the first time the WOO launch has taken place outside of the OPEC Secretariat in Vienna.

​Following this, the Secretary General then shared a platform with Eng. Ahmed Mohamed Alkaabi, Assistant Undersecretary for Petroleum, Gas and Mineral Resources at the UAE Ministry of Energy and the UAE Governor for OPEC.  The two-man VIP briefing at the Middle East Petroleum Club, focused on the ‘World oil outlook – the road ahead.’

​The two discussed various issues including the significance of the WOO publication, the value of data transparency and the role of the Joint Organisations Data Initiative (JODI) in this regard, the current market environment, specifically the need to rebalance the market sooner rather than later, the importance of seeing industry investments increase, and the need to bring all stakeholders together to help tackle the industry’s challenges.

​On November 9, the Secretary General met personally with UAE Minister of Energy, HE Al Mazrouei to take stock and compare viewpoints. Discussions focused on the current oil market situation and the ongoing consultations among OPEC and non-OPEC nations.  The OPEC Secretary General thanked the Minister again for the hospitality that had been given to the OPEC delegation and the excellent organization of ADIPEC.  He also requested him to convey his best wishes and highest regards to HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE.

​Staff from OPEC’s ESD, as well as its Public Relations & Information Department (PRID),  also visited the headquarters of the Abu Dhabi National Oil Company (ADNOC) on November 10.  The group presented the key findings from this year’s WOO to ADNOC staff.​​