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Sixth IEA-IEF-OPEC Symposium on Energy Outlooks

Riyadh, Saudi Arabia

Sixth IEA-IEF-OPEC Symposium on Energy Outlooks

Riyadh, Saudi Arabia

The Sixth IEA-IEF-OPEC  Symposium on Energy Outlooks took place on 16 February 2016 at the IEF Headquarters in Riyadh, Saudi Arabia.

Dr Aldo Flores-Quiroga, the Secretary General of the International Energy Forum opened the Symposium together with the Acting Secretary General of the Organization of the Petroleum Exporting Countries, His Excellency Abdalla Salem El-Badri and the Deputy Executive Director of the International Energy Agency, His Excellency, Paul E. Simons.

Watch IEA-IEF-OPEC video highlights

Session I: Key findings from the Comparative Analysis on Energy Outlooks, and presentation of the latest IEA and OPEC projections

Session Moderator: HE Aldo Flores-Quiroga, Secretary General, IEF

Richard G Newell from Duke University at the Sixth IEA-IEF-OPEC Symposium on Energy Outlooks

Session II: Industry views on short-, medium-, and long-term energy outlooks

Session Moderator: Adam Sieminski, Administrator, Energy Information Administration

Sixth IEA-IEF-OPEC Symposium on Energy Outlooks

Session III: Impact of a low oil price environment on supply and demand, stability and growth

Session Moderator: Paul Horsnell, Head of Commodities Research, Standard Chartered

Sixth IEA-IEF-OPEC Symposium on Energy Outlooks

Previous Symposia

OPEC-2016_5th-IEA-IEF-OPEC-Workshop_2016-3-15

Fifth IEA-IEF-OPEC workshop on the interactions between physical and financial markets

Vienna, Austria

Fifth IEA-IEF-OPEC workshop on the interactions between physical and financial markets

Vienna, Austria

The Secretary General of the International Energy Forum, Dr Aldo Flores-Quiroga, participated in the Fifth Joint IEA-IEF-OPEC Workshop on the interlinkages between Physical and Financial Energy Markets (OPEC, Vienna, 15 March 2016). The meeting, a feature of the trilateral IEA-IEF-OPEC programme of work, is part of an ongoing series aimed at helping to determine the causes and consequences of high energy market volatility and to identify remedies.

group photo at the 5th IEA-IEF-OPEC workshop on interactions between physical and financial energy markets

Photo: Attendants of the Fifth IEA-IEF-OPEC Workshop - Image courtesy of OPEC

Market turbulence has increased and again sharpened focus on how the interactions between physical and financial energy markets contribute or cushion energy market volatility. The 2010 Cancún Ministerial Declaration called on the IEF (including major producers outside OPEC and major consumers outside IEA) to cooperate in a trilateral work programme with IEA and OPEC to promote confidence among producers and consumers and send strong market signals to help stabilise long-term expectations. Following the oil market turbulence of 2008, four joint IEA-IEF-OPEC workshops on physical and financial interactions took place in a period of relative oil price stability. New demand and supply trends, brought about by investments in conventional and new energy technologies, the impact of longer term economic trends and expectations, as well as the implementation of new energy policy, regulatory and data transparency initiatives reshape energy markets. These developments affect physical - financial energy market interactions and their role in energy market turbulence.

The Fifth Workshop gathered senior level representatives from physical and financial energy market stakeholders, alongside experts from price reporting agencies, regulatory institutions, advisories and academia.

Attendants at the 5th IEA-IEF-OPEC workshop on interactions between physical and financial energy markets

Photo: Fifth IEA-IEF-OPEC Workshop - Image courtesy of OPEC

Presentations

Session I: Recent oil market volatility

Session Moderator: David Fyfe, Gunvor Group

Session II: Role of financing and hedging in oil market developments

Session Moderator: Harry Tchilinguirian, BNP Paribas

Session III: Financial oil market regulation: Avoiding market fragmentation and unintended consequences

Session Moderator: John Kemp, Thompson Reuters

Session IV: Review of current and potential Asian oil benchmarks

Session Moderator: Andy Walker, Mitsubishi Corporation International (Europe)

Previous Workshops

Oil markets and the Global Economy - Presentation by Dr Christof Rühl, Global Head of Research, Abu Dhabi Investment Authority

IEF Lecture - Oil Markets and the Global Economy - Abu Dhabi Investment Authority

Riyadh, Saudi Arabia

IEF Lecture - Oil Markets and the Global Economy - Abu Dhabi Investment Authority

Riyadh, Saudi Arabia

The IEF was honoured to receive Dr Christof Rühl, Global Head of Research at the Abu Dhabi Investment Authority at our headquarters today. Dr Rühl delivered a presentation on “Oil markets and the Global Economy” to a distinguished audience of diplomats, and representatives from the energy, finance and industrial sectors. Dr Rühl’s comprehensive presentation explored the current economic landscape, noting amongst other factors, the influence of improvements in energy intensity, the function of a strong dollar, the impact of exchange rate policy, and the cushioning effect of strong interconnectivity between the economies of producer and consumer countries.

The presentation is available for download below.

Key Links

ADIA website

Kapsark-Header

Second IEF-KAPSARC Thought-Leaders' Roundtable

Riyadh, Saudi Arabia

Second IEF-KAPSARC Thought-Leaders' Roundtable

Riyadh, Saudi Arabia

On 17 February 2016 the Secretary General of the International Energy Forum and the President of the King Abdullah Petroleum Studies and Research Center invited key energy players to participate in the Second IEF - KAPSARC Thought Leaders’ Roundtable discussion on The dynamics of global oil supply in 2016 and beyond, and thereby to contribute toward the understanding of developments that are shaping world oil markets and the producer-consumer dialogue.

Watch the highlights of the Second IEF-KAPSARC Thought-Leaders Roundtable

Session I: Global oil supply: The end of boom and bust?

Session Moderator: Aldo Flores-Quiroga, Secretary General, IEF

Attendees at the Second IEF-KAPSARC Roundtable

Session II: Storage and Strategic Stocks: Where to Next?

Session Moderator: David Hobbs, VP of Research, KAPSARC

Attendees of the Second IEF-KAPSARC Roundtable

Previous IEF Thought-Leaders Roundtables:

IEF-Lecture-BP-Energy-Outlook-2035

IEF Lecture on BP Energy Outlook 2035

Riyadh, Saudi Arabia

IEF Lecture on BP Energy Outlook 2035

Riyadh, Saudi Arabia

Mark Finley, General Manager, Global Energy Markets, and US Economics, BP, presented the recently released BP Energy Outlook 2035 to a full-house at IEF Headquarters in Riyadh on Sunday 14 February 2016. The BP Energy Outlook provides high-quality, objective and globally consistent data on world energy markets. The Outlook is one of the most widely respected and authoritative publications in the field of energy economics and is used for reference by the media, academia, world governments and energy companies. It identifies long-term energy trends, building on the BP Statistical Review of World Energy, and then develops projections for world energy markets to 2035, taking account of the potential evolution of the world economy, policy, and technology. 

The Energy Outlook presented by Mr Finley considers a base case, which considers the “most likely” path for energy demand based on assumptions in regard to potential changes in policy, technological advances and economic development. In the base case, the Outlook foresees a world in which global GDP more than doubles, and the energy required to fuel the increased activity only grows by around a third as a consequence of unprecedented gains in energy efficiency. Fossil fuels are seen as maintaining their dominant role in the energy mix powering the global expansion: providing around 60% of the additional energy and accounting for almost 80% of total energy supplies in 2035. The Outlook shows renewables growing rapidly, almost quadrupling by 2035, and supplying a third of the growth in power generation.

Mr Finley’s presentation is available for download below.

Key Links

ExxonnMobil_Feb2016

IEF Lecture: ExxonMobil's Outlook for Energy: A View to 2040

Riyadh, Saudi Arabia

IEF Lecture: ExxonMobil's Outlook for Energy: A View to 2040

Riyadh, Saudi Arabia

The IEF was honoured to receive Mr Rob Gardner, Manager of the Economics & Energy Division of the Corporate Strategic Planning Department ExxonMobil Corporation at our Riyadh headquarters today. Mr Gardner delivered a presentation on this year's update of ExxonMobil's Outlook for Energy: A View to 2040 to a distinguished audience of diplomats, representatives from the energy and finance sectors and academia. The Outlook for Energy is ExxonMobil’s long-term global view of energy demand and supply. The findings of ExxonMobil's Outlook help guide the company's long-term investments, and the report is shared to help promote better understanding of the issues shaping the world’s energy future. Updated each year, this edition covers the period 2016 to 2040.

Key Links

2nd-JODI-Data-User-Seminar-3-February-2016

Second JODI Data-User Seminar

London, United Kingdom

Support JODI

Second JODI Data-User Seminar

London, United Kingdom

The Second JODI Data-user Seminar took place in London on Wednesday 3 February 2016. The event, held at the Institute of Directors (IOD), was supported by the JODI Partner Organisations (APECEurostatGECFIEAIEFOLADEOPEC and UNSD). 

Participants included energy market analysts from oil and gas companies, commodity traders, financial institutions, trading firms, media, and independent consultants. 

Bloomberg was the Media Partner for the seminar and carried the event live via their Webinar network, thus extending the reach of the programme to additional “virtual” attendees.  (The recording of the event can still be accessed by registering and logging in on the Bloomberg platform.

The London event was the second in an ongoing JODI-user seminar series The first one was held in Geneva in June 2015.  The series was launched in response to recommendations arising from the meeting of Heads of JODI Partner Organisations in Moscow in May 2014, where ease of access to data and communication with stakeholders were recognised as being of key importance in satisfying the rising expectations for JODI. These sentiments were further echoed by participants in the last International JODI Conference held in New Delhi in April 2015. The conference also recommended strengthened interaction with JODI stake- holders and energy data users.

The London participants benefitted from the opportunity to hear from and exchange views with technical experts from JODI partner organisations in an interactive environment. Participants also put forward suggestions for improvements which included the provision of additional datapoints relating to oil storage, crude oil grade & type, etc.

For more information on the seminar and to view the presentation materials delivered on the day, please visit the event page on the JODI website.

Inter-Secretariat-Meeting-February-3-4-2016

Inter Secretariat Meeting of JODI Partners

London, United Kingdom

Support JODI

Inter Secretariat Meeting of JODI Partners

London, United Kingdom

The IEF chaired an Inter Secretariat Meeting of JODI partner organisations including APECEurostatGECFIEAIEFOLADE and OPEC in London on 3-4 February 2016. 

The meeting, hosted by the British Government at the Headquarters of its Department for Energy and Climate Change (DECC) focussed on reviewing progress and action plans in regard to the following:

  • Participation Assessment of the JODI-Oil and JODI-Gas World Databases;
  • Proposals to enhance the visibility of JODI;
  • G20 ESWG feedback on JODI and data transparency;
  • Consultant’s draft report on assessment of coal data transparency;
  • Capacity Building: Past and Upcoming Workshops in 2016;
  • Preparations for the upcoming 15th IEF Ministerial meeting scheduled to be held in Algiers on 27-28 September 2016;
  • Update on new JODI Website and JODI Forum.

Bloomberg also participated in a special session of the meeting during which they delivered a presentation and exchanged views with partner organisations on their proposal to publish JODI data on their industry platforms and terminals. The JODI partners agreed to conduct a further review of the proposal before deciding on the path forward.

Partners also received a report from the consultant charged with carrying out a pre-assessment of the potential for improved coal data transparency. They will consider the findings of the report in more depth before determining next steps. They further agreed to launch a JODI-Gas Participation Assessment using the established methodologies and to publish the first assessment within 2016. Partners also decided to organise JODI training workshops targeting the Asian and CIS regions later this year.

G20-Energy-Ministers_29-Jan-2016

First G20 Energy and Sustainability Working Group

Xiamen , China

First G20 Energy and Sustainability Working Group

Xiamen , China

The International Energy Forum (IEF) participated in the discussions of the First G20 Energy and Sustainability Working Group meeting hosted by the National Energy Administration of China on 28 January 2016 in Xiamen, China.

Building on the outcomes of work of carried out under the 2015 G20 Presidency and the First G20 Energy Ministers Meeting held on 2 October 2016 in Istanbul, Turkey, the Chinese G20 Presidency circulated a discussion paper for the First Energy and Sustainability Working Group to consider. Discussions focused on agreeing the work plan for 2016 and an assessment of the possible outcomes of the Second G20 Energy Ministerial Meeting scheduled to take place on 30 June 2016.

In relation to the Energy and Sustainability Working Group agenda items on “Energy Efficiency” and “Global Energy Governance”, the IEF informed delegates that the 6th Asian Energy Ministerial Roundtable hosted by the State of Qatar on 8-10 November 2015 in Doha Qatar, endorsed a proposal of the Kingdom of Saudi Arabia delivered by HRH Prince Abdulaziz bin Salman Al-Saud, to establish an Asian Energy Efficiency Knowledge Sharing Framework under the IEF.

In relation to the Energy and Sustainability Working Group discussions under agenda item “Implementation of Previous Commitments”, the IEF drew attention to:

  • The G20 Ministers Meeting Communiqué of 2 October 2015 in which Ministers expressed the need “to promote market transparency and efficiency” and “commit to further strengthen the Joint Organisations Data Initiative (JODI) by encouraging and facilitating the collection and dissemination of high quality energy data as well as enhancing support for capacity building”. The IEF informed delegates on its ongoing work with JODI Partner Organisations (APEC, Eurostat, GECF, IEA, OLADE, OPEC, and UNSD) that is currently geared towards improving the timeliness and completeness of energy data collection for JODI-Oil and JODI-Gas, including on inventories and LNG markets, assessments for enhancing energy market data transparency in other sectors, and collaboration with CNPC to host a JODI training workshop to strengthen data collection capacity for the Asian region scheduled to take place in the second Quarter of 2016.
  • In response to a reference about energy market volatility, the IEF recalled that G20 Energy Ministers “welcome the joint work of the IEA, IEF and OPEC to further understand energy outlooks and the interaction between physical and financial markets and encourage them to continue their fruitful collaboration on market transparency”. In this regard the IEF offered to report on the outcomes of the Joint IEA-IEF-OPEC Symposia on Energy Outlooks and Physical Financial Energy Market Interactions, should that be of ongoing interest to the group.

In conclusion the IEF reaffirmed its commitment to assist the Energy Sustainability Working Group in advancing its agenda, and readiness to contribute to the Second G20 Energy Ministers’ Meeting hosted under the G20 Presidency of China in June 2016.

Key Links

Official website of the G20 Presidency of China 

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Official Visit by Vice-Chairman of the National Development and Reform Commission of China

Riyadh, Saudi Arabia

Official Visit by Vice-Chairman of the National Development and Reform Commission of China

Riyadh, Saudi Arabia

Secretary General Aldo Flores-Quiroga welcomed a high-level delegation from the People’s Republic of China at IEF headquarters in Riyadh on 20 January 2016, headed by HE Nuer Baikeli, Vice Chairman of China’s National Development and Reform Commission (Minister level) and Administrator of the National Energy Administration. They reviewed cooperation between China and the International Energy Forum

A key player in the global energy dialogue process, and a long-standing member of the IEF Executive Board, China is taking an increasingly active interest in the Joint Organisations Data Initiative (JODI)* co-ordinated by the IEF.  HE Nuer Baikeli reiterated China’s support for the IEF and noted the value placed by China on the neutrality of the IEF’s dialogue platform. He warmly welcomed the participation of the Secretariat in the meetings of the G20 Energy Sustainability Working Group and encouraged input from the IEF in helping to shape the G20 energy agenda, extending an invitation for the Secretary General Flores-Quiroga to participate in the upcoming G20 Energy Ministerial.

Secretary General Flores-Quiroga welcomed China’s expressions of support for the work of the IEF, and noted that he and his team will work closely with their Chinese colleagues to explore the potential for deepened ties between the IEF and China in furtherance of the producer-consumer dialogue, market data transparency, and global energy security.

*The IEF’s JODI partner organisations are: Asia Pacific Economic Cooperation (APEC), Statistical Office of the European Communities (Eurostat), Gas Exporting Countries Forum (GECF), International Energy Agency (IEA), Latin American Energy Organization (OLADE), Organization of the Petroleum Exporting Countries (OPEC), United Nations Statistics Division (UNSD).

Key Links