Your Royal Highness, Excellencies, ladies and gentlemen,

It is a pleasure to be back in Riyadh for this 15th edition of the IEA-IEF-OPEC Symposium on Energy Outlooks.

Allow me to begin by thanking His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia, for his welcoming words and wise observations. 

Your Royal Highness, your support for this important event has been pivotal to its success, and the producer-consumer dialogue you have long championed continues to go from strength to strength. Indeed, this valuable forum for the mutually beneficial exchange of outlooks and ideas has become an important means of supporting energy market stability.

I would also like to extend my best wishes to the new Secretary General of the IEF, HE Jassim Alshirawi, and to thank you and your team at the IEF Headquarters for the excellent arrangements in hosting this year’s event.

I would also like to thank his predecessor HE Joe McMonigle for his positive contributions in recent years.

I am also very pleased to see HE Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, and HE Francesco La Camera, Director General of International Renewable Energy Agency, participating today as special guests.

Your Royal Highness, Excellencies, ladies and gentlemen,

While economic growth in 2024 was relatively solid, the global economy continued to face a number of challenges, including elevated real interest rates, labour market constraints and some geopolitical headwinds.

It also saw relatively robust global oil demand growth, while further expansions of 1.4 million barrels a day (mb/d) are envisaged across both 2025 and 2026. 

The year 2024 also saw the OPEC and non-OPEC participating countries of the Declaration of Cooperation (DoC) strongly contributing to oil market stability.

In fact, it is worth highlighting that oil as a commodity was the least volatile during 2024. This is greatly due to the DoC’s effective and proactive contributions that have helped provide much needed confidence and predictability to investors and other energy stakeholders.

This is an indication of how important global energy dialogue and cooperation continue to be in supporting oil and energy market stability, for the benefit of consumers and producers, as well as the global economy.

Moving forward, OPEC and its non-OPEC partners in the DoC will remain vigilant in promoting stable and transparent energy markets, as they remain vital in underpinning energy security and investments.

Today, we will have a chance to exchange our respective organizations’ outlooks. In this regard, allow me to emphasize that OPEC’s analysis is grounded in accurate, transparent and data-driven analysis. It is also rooted in realistic thinking and strives to keep ideology and wishful thinking out of decision making. 

We look forward to engaging with our dialogue partners to discuss our outlooks and how we see the global oil and energy markets evolving in the years ahead.

Your Royal Highness, Excellencies, ladies and gentlemen,

We also look forward to sharing our thoughts during today’s additional sessions, which will focus on the shape and form of energy transitions in the medium to long term.

What is clear is that future energy and oil demand growth primarily lies in the developing world, driven by increasing populations, growing economies, rapid urbanization, and the need to bring modern energy services to those billions who still suffer without.

OPEC’s latest World Oil Outlook sees global energy demand expanding by 24% to 2050, with oil demand reaching 120 mb/d by then.

These trends make it clear that the world will require all forms of energy to meet long-term energy needs. It is not one or the other; instead, looming energy demand dictates that it must be all. No energy source can be dismissed.

Alongside recognizing the need for all energies, we also need to appreciate the need for all technologies to help maintain energy security and reduce emissions.

This means investing adequately – today, tomorrow, and many decades into the future – in a manner reflecting realistic assumptions about what each energy source and each technology can offer as we seek to reduce emissions. 

Here, I would like to emphasize that OPEC fully supports global efforts to reduce emissions in order to ensure global climate objectives and a fair and balanced energy future for all.

At COP29, OPEC Member Countries were fully engaged and advocated for the unique circumstances of developing nations. Today, I would like to reiterate that the unique circumstances of developing nations must be taken into consideration and fully respected.

On key issues such as climate finance and technology, we also continue to highlight the need for adherence to the principle of Common but Differentiated Responsibilities and Respective Capabilities.

Your Royal Highness, Excellencies, ladies and gentlemen,

Allow me to conclude by noting that OPEC will continue to prioritize dialogue and cooperation with all of its energy partners moving forward, including at this very important annual event.

Towards this end, I look forward to today’s deliberations and wish us all a highly successful Symposium.

Thank you.