On behalf of the Organization of the Petroleum Exporting Countries, it is a great privilege to be here in Algeria, a key Member of OPEC, for the Seventh Summit of Heads of State and Government of the GECF.

            I would like to thank His Excellency President Tebboune, His Excellency Mohamed Arkab, Algeria’s Minister of Energy and Mines, His Excellency Eng. Mohamed Hamel, Secretary General of the GECF, and the Algerian authorities, for the exceptional welcome and the invitation to participate today.  This is testament to the importance of oil and gas to the global economy.

            Your Excellency President Tebboune, Excellencies,

            OPEC’s relationship with the GECF is an extremely positive one, and the two organizations have much that unite us.

            We have seven members in common: Algeria, Equatorial Guinea, IR Iran, Libya, Nigeria, the United Arab Emirates and Venezuela.

            Our products are vital to the world.  Today, oil and gas combined make up almost 55% of the global energy mix, and we see a similar share continuing in the decades to come.

            It is not just OPEC and the GECF who see this future.  Other outlooks that look at the realities on the ground and take a fact-based approach have similar forecasts and trends.

            We also face many similar challenges, and thus, our cooperation is vital as we seek to address the many complexities surrounding global energy markets.

            It is a world that will need far more energy in the decades to come – as the world economy doubles in size and the global population expands to more than 9.5 billion by 2045. We must also remain focused on the acute need to improve access to modern energy services for those suffering from energy poverty.

            To meet this rising demand requires all energies, with oil and gas playing a critical role in economic growth, energy security, sustainable development and poverty eradication, and also contributing to just, orderly and inclusive energy transitions for all.

            Our industries’ contribution to achieving these goals are not confined to the vital energy we provide to the world.  It involves enhancing efficiencies, reducing emissions, and developing and deploying technologies, such as carbon capture utilization and storage, and direct air capture.

            It is vital we continue to convey these messages, given that in some quarters our industries are unjustly vilified as relics of the past, which perhaps conveniently forgets the value they have, and continue to bring, to people and communities across the world.

            Our industries need to focus on how we can build a bridge to a sustainable energy future.  Central to this is investment.  Without adequate investment, the future of our industries is in jeopardy, with knock-on consequences for both producers and consumers.

            All stakeholders need to understand that energy security must go together with reducing emissions.  This means major investments in all energies, all technologies, and an understanding of the needs of all peoples.

            The three pillars of sustainable development – ‘economic, environmental and social’ – mean different things to different people.  All voices need to be heard.

            Your Excellency President Tebboune, Excellencies,

            There is much our organizations and industries share.  And there is much we can learn from each other. 

            In this regard, we need to continually enhance our dialogue and cooperation.  This important Summit symbolizes that, and we are proud of the ongoing dialogue and cooperation with the Gas Exporting Countries Forum (GECF). We will continue to work together to enhance it even further.

            With that, allow me to once again thank our hosts today, Algeria, for all the excellent arrangements provided. 

            We would also like to wish the GECF all the best in meeting its mission and future objectives. 

            Thank you.