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Sixth-IEA-IEF-OPEC-2016_Header

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

JODI-Beijing-Header

13th Regional JODI Training Workshop

Beijing, China

Support JODI

13th Regional JODI Training Workshop

Beijing, China

The IEF and JODI Partners organised the 13th Regional JODI Training Workshop in Beijing from 18-20 May 2016. The Economics and Technology Research Institute (ETRI) of the China National Petroleum Company (CNPC) was the official host of the event which was endorsed by the National Energy Administration (NEA) of China. The JODI team delivered a training programme tailored to the requirements of statistical officers from the national administrations of China and other countries in the Asian region.

Seven Asian countries were represented at the workshop which gathered more than 30 delegates in the Chinese capital. The workshop served to raise awareness and build a better understanding of the Joint Organisations Data Initiative (JODI) and to improve submissions from this key region.

Host country participants included representatives from the National Bureau of Statistics, National Energy Administration, CNPC ETRI, and graduate students from both BEIHANG University and TSINGHUA University in Beijing.

For more detailed information on this event and to access the presentations delivered at the workshop, please visit the event page at the JODI website.

Previous JODI Training Workshops

Bank-of-Canada_26-Apr-2016-V2

IEF-Bank of Canada Workshop on Commodity Cycles and their Implications

Ottawa, Canada

IEF-Bank of Canada Workshop on Commodity Cycles and their Implications

Ottawa, Canada

The Secretary General of the of the International Energy Forum (IEF), Aldo Flores-Quiroga opened the IEF-Bank of Canada Workshop on Commodity Cycles and their Implications that was jointly organised with the Bank of Canada on 25 April 2016 in Ottawa, Canada. The Deputy Governor of the Bank of Canada, Timothy Lane concluded the meeting on behalf of the hosting organisation.

The Workshop discussed recent developments across various commodity markets and evaluated their implications for economic stability and oil market security. Accomplished academics and practitioners presented their research findings and insights in three sessions moderated by Cesaire Meh, Chief International Economic Analysis of the Bank of Canada, Timothy Lane, Deputy Governor of the Bank of Canada, and Adam Sieminski, Administrator of the U.S. Energy Information Administration (see below detailed agenda including research papers and presentations).

In the First Session, "Technological Advancement and Commodity Dynamics", discussants addressed how technology advancements have affected commodity cycles and to what extent these explain recent market fluctuations.

The Second Session, "Distributional Effects of Commodity Shocks", focused on how commodity price shocks affect welfare across different countries and economic sectors. Participants discussed the role of monetary policy in the face of commodity shocks.

The Third Session, "Implications of Oil Market Shocks", assessed the impact of pronounced oil market movements across industries, labour markets, and individual countries, in an effort to identify the factors that determine how countries respond to commodity market fluctuations.

Review the event on the Bank of Canada Website

The Secretary General of the International Energy Forum concluded the Workshop with a moderated panel discussion on Swing Production and The Role of Credit among senior industry and financial sector practitioners. Panelists discussed the impact of credit markets on production and the changing dynamics in spare capacity and storage between producing and consuming countries.

The meeting was governed by the Chatham House Rule and participation was by invitation only. To find out more, please contact Christof van Agt, Senior Energy Analyst, IEF (Christof.vanagt@ief.org) or Mr Bahattin Buyuksahin, Policy Adviser, Commodities, Bank of Canada (bbuyuksahin@bank-banque-canada.ca).

Session I: Technological Advancement and Commodity Dynamics


Session Moderator: Cesaire Meh, Chief- International Economic Analysis, Bank of Canada

Presentations

Research Papers

Session II: Distributional Effects of Commodity Shocks

Session Moderator: Timothy Lane, Deputy Governor, Bank of Canada

Presentations

Research Papers

Session III: Implications of Oil Market Shocks

Session Moderator: Adam Sieminski, Administrator, U.S. Energy Information Administration

Presentations

Research Papers

Session IV: Panel: Swing Production and the Role of Credit

Session Moderator: Aldo Flores-Quiroga, Secretary General, International Energy Forum

Presentations

Research Papers

Key Links

G20-Energy-and-Sustainability

Second G20 Energy and Sustainability Working Group

Shenzhen, China

Second G20 Energy and Sustainability Working Group

Shenzhen, China

The International Energy Forum (IEF) participated in the Second G20 Energy and Sustainability Working Group (ESWG) meeting hosted by the National Energy Administration of China on 12-14 April 2016 in Shenzhen, China.

Building on the outcomes from the First G20 Energy and Sustainability Working Group meeting on 28 January 2016 in Xiamen, China, G20 member countries discussed the advancement of energy efficiency, clean energy, energy access, and global interconnections, with a focus on the possible outcomes of the Second G20 Energy Ministerial Meeting taking place on 29-30 June 2016 in Beijing, China.

The IEF underscored its support to the G20 energy efficiency work program and noted that it is in the process of establishing an Asian Energy Efficiency Knowledge Sharing Framework, a cooperation initiative adopted by Ministers at the 6th Asian Ministerial Energy Roundtable of 8-10 November 2015 in Doha, Qatar.

The IEF briefed delegates on the work of the JODI Partner Organisations (APEC, Eurostat, GECF, IEA, OLADE, OPEC, and UNSD) to improve the timeliness and completeness of energy data collection for JODI-Oil and JODI-Gas, and recognised the on-going support of the G20 toward greater oil and gas market data transparency.

For further information on the meeting itself please see the links below.

Key Links

Official website of the G20 Presidency of China 

Previous G20 Meetings

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

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.