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.
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.
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.email@example.com) or Mr Bahattin Buyuksahin, Policy Adviser, Commodities, Bank of Canada (firstname.lastname@example.org).
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.
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.
Session Moderator: David Fyfe, Gunvor Group
Session Moderator: Harry Tchilinguirian, BNP Paribas
Session Moderator: John Kemp, Thompson Reuters
Session Moderator: Andy Walker, Mitsubishi Corporation International (Europe)
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.
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.
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.
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.
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 (APEC, Eurostat, GECF, IEA, IEF, OLADE, OPEC 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.
London, United Kingdom
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:
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.
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:
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.