Riyadh, Saudi Arabia
The IEF was delighted to welcome Mr Tim Gould, Head of the Energy Supply Outlook Division (WEO) at the IEA and Ayed Al-Qahtani, Director of the Research Division at OPEC, who presented the World Energy Outlook (WEO) 2017 and the World Oil Outlook (WOO) 2017 at IEF headquarters on 15 November 2017. The presentations can be downloaded below.
Tim Gould, Head of the Energy Supply Outlook Division (WEO) at the IEA, Paris, presented the 2017 edition of the Agency’s flagship publication the World Energy Outlook (official launch - 14 November). The WEO provides strategic insight on what today’s policy and investment decisions mean for long-term trends. Based on rigorous modelling across different scenarios, the WEO projections are used by public and private sector stakeholders as a framework for policy-making, planning and investment decisions, and to identify pathways to a sustainable energy future.
Ayed Al-Qahtani, Director of the Research Division at OPEC, Vienna, presented the 2017 World Oil Outlook (official launch - 7 November). The WOO provides an in-depth review and analysis of the global oil industry, and offers a thorough assessment of various sensitivity cases related to the economy, and supply and demand trends in the medium- and long-term. The WOO provides expert analysis of the many challenges and opportunities facing the global oil industry. It serves as an important reference tool, providing insights into the upstream and downstream, as well as issues related to costs, investments, and the potential impact of policies and new technologies.
The 7th Asian Ministerial Energy Roundtable (AMER7) took place in Bangkok, Thailand from 1-3 November 2017.
The Government of Thailand hosted this prestigious biennial event, which is a key feature of the global energy dialogue promoted under the neutral banner of the International Energy Forum. The Ministerial was co-hosted by the United Arab Emirates and was attended by Ministers, Vice Ministers, heads of International Organisations, and Thought Leaders of the industry.
In previous AMER events, IEF Ministers have recognised their interdependence and placed an emphasis on the need for trust and dialogue in building and sustaining partnerships. AMER6 was convened between the adoption of the United Nations Sustainable Development Agenda (UNSDA) 2030 and the Paris Agreement in 2015 to discuss Asian energy market dynamics. This culminated in the endorsement of a proposal by the Kingdom of Saudi Arabia to establish an Asian Energy Efficiency Knowledge Sharing Framework under the IEF that has since been adopted by the 2nd G20 Energy Ministers Meeting (Beijing, June 2016) and the IEF15 Ministerial (Algiers, September 2016).
AMER7 built upon these outcomes to strengthen established partnerships and forge new bonds accordingly. This event ultimately underpins the development of the increasingly complex and dynamic relationships between energy producers and consumers in Asia and beyond.
The full agenda for the Ministerial is available for download below along with articles, speeches and presentations from the AMER7.
Riyadh, Saudi Arabia
The IEF Secretary General was honoured to welcome Professor Masakazu Toyoda, CEO and the Chairman of the Institute of Energy Economics, Japan (IEEJ) to the IEF headquarters today to present an IEF Lecture based on the recently released "IEEJ Energy Outlook 2018 - Prospects and Challenges Toward 2050".
Professor Toyoda’s presentation (available for download below) shared views on topics ranging from current market trends, to scenarios for energy demand and potential future energy market pathways. The potential for peak oil demand, and long-term (toward 2050) climate change issues were also addressed during the lecture.
The IEEJ outlook foresees that based on current energy market trends, energy demand will increase and its centre of gravity will shift towards Southern Asia, with two thirds of the growth expected to come from non-OECD Asian countries. The IEEJ expects that three quarters of the demand will be accounted for by electricity generation and transportation fuels. The high dependence on fossil fuels is expected to continue with natural gas projected to account for 60% of fossil fuel growth. Carbon emissions are projected to increase 34% by 2050.
Professor Toyoda noted that one IEEJ study indicates the potential for new technologies to bring about a 13% reduction in energy consumption by 2050. Although this scenario implies that the share of fossil fuels in the mix would drop to 68% compared with 78% in the reference scenario, it still indicates an expectation of on-going high-level dependence on fossil fuels.
In the quest to deliver a low-carbon future, Professor Toyoda noted that the key to successful cost reduction, development and deployment of innovative technologies is international cooperation.
The meeting, held following the 13th International JODI Conference held on 10-11 October and focused on reviewing progress and action plans regarding the following:
The JODI partners deliberated at length the feedback from the JODI conference just held in London ahead of this meeting and was attended by more than 100 experts, and how the JODI partners can take this insights and recommendations forward to strengthen the JODI initiative.
The JODI partners discussed feedback from having JODI data starting to appear on (Argus, Bloomberg & Thomson Reuters) data re-distribution platforms that was announced during the JODI Conference held few days earlier. JODI partners agree that this was a major milestone for JODI that should be alluded. Bloomberg was invited to the meeting so they explain further how JODI data appear on their platform.
The Partners discussed option and plans to hold future JODI Seminars and Capacity Building Workshops during 2018, while the IEF gave an update on recently updated JODI website and database functionality.
JODI partners deliberated ways how to take advantage of improving cooperation with other energy regional (AFREC, OAPEC, GCC Stat, etc.)
London, United Kingdom
The 13th International JODI conference was held in London, UK on 10 & 11 October 2017. The conference was generously hosted by the British Government and organised by the International Energy Forum in corporation with other JODI partners (APEC, Eurostat, GECF, IEA, OLADE, OPEC, and UNSD).
The Conference was opened by HE Richard Harrington, UK Minister for Energy and Industry for Business, Energy and Industrial Strategy who emphasised the importance of JODI and for need for reliable, complete, and timely energy data to support decision making.
The conference convened more than 100 actors and stakeholders at various stages of the JODI data supply chain ranging from:
Participants took note on the progress made on JODI since the last JODI conference (IJC 12) held in India in 2015, and gave insights and suggestions regarding data quality, data reporting mechanism, capacity building efforts, data-user engagement, JODI brand awareness, and enhanced engagement with other entities.
Participants highlighted the need to continue to solidify knowledge sharing of good practices among the different stakeholders, and to strengthen interaction between data providers, JODI Partners, data users, academia, and analytical community.
Participants stressed the need to continue improving the data availability and coverage in new regions, but without comprising the quality of JODI data while addressing challenges to provide sustainable, timely and complete monthly energy data.
Participants saluted JODI Partners’ efforts to hold Capacity Business Workshops in key regions around the world as part of this effort, and the fact that JODI data can now be viewed from different major Data Re-Distribution Agencies (Argus, Bloomberg, and Thomson Reuters) in line with directions received from industry and leaders. They also appreciated that JODI visibility and accessibility will be greatly improved and extended per the recommendation from the IJC 12.
IEF Secretary General, Dr Sun Xiansheng, participated in the UNECE 26th Session of Committee on Sustainable Energy at its headquarter in Geneva on 26-28 September 2017, and delivered a keynote speech during the opening. This high-level UNECE event opened by UNECE Executive Secretary, attracted experts from government and energy industry.
In the keynote address, Dr Sun elaborated on IEF role and efforts on fostering greater mutual understanding and awareness of common energy interests in line with UN Sustainable Development SDG. He also addressed the achievements by the IEF and its Member Countries on fulfilling key functions to strengthen energy security along energy transition pathways.
Dr Sun also had a bilateral meeting with HE Olga Algayerova, UNECE Executive Secretary, and discussed the future potential cooperation between the UNECE and the IEF.
Dr Sun's speech and presentation entitled "Energy transition and the role of international and regional cooperation" is available for download below.
IEF Secretary General, Dr Sun Xiansheng participated in the International Energy Agency’s 2nd Global Conference on Energy Efficiency in Paris on 29 June 2017. This high-level event brought together top-level government officials and energy-industry executives at a forum for global engagement and exchange on energy efficiency.
The conference was opened by the President of the United Nations General Assembly, HE Peter Thomson. HE Aziz Rabbah, Minister of Energy, Mines and Sustainable Development (Morocco), HE Suhail Al Mazrouei, Minister of Energy, (UAE) HE Juan Jose Aranguren, Minister of Energy and Mines (Argentina), and HE Denis Naughten TD, Minister for Communications, Climate Action and Environment (Ireland), also participated in this well attended event where participants from around the world gathered to discuss practical policy and programme implementation measures.
Dr Sun's presentation entitled "Global perspectives on energy efficiency" is available for download below.
New York, USA
The meeting, hosted by UNSD at their Headquarters in New York focused on reviewing progress and action plans in regard to the following:
The IEF shared the results of the last JODI Workshop for Africa region held in Tunisia on 11-13 April 2017 back-to-back with the 3rd IEF-OFID Symposium on Energy Poverty, which demonstrated a clear link between energy data transparency and efforts to alleviate energy poverty in Africa. It was highlighted that this Workshop that was held in cooperation with the African Energy Commission (AFREC), and with the OPEC Fund for International Development (OFID) had more than 60 attendees form more than 30 African countries was the largest JODI Workshop ever held. The IEF thanked the JODI partners for their support to hold this milestone Workshop in this key region.
The IEF, the IEA, and OPEC gave Feedback from attending recently the EIA Energy Conference in Washington DC on 27-28 June 2017 where JODI was featured in the Conference and how this was a great opportunity to engage with users and experts etc. in line with the JODI Action plan.
The IEF briefed the Partners on progress being made to have JODI data to appear at Data Redistribution Agencies such as (Argus, Bloomberg, Thomson Reuters, etc.) soon. It was agreed to launch this during the upcoming JODI Conference in London on October 2017.
The Partners discussed the plans to hold the JODI Conference in London on 10-11 October 2017, theme, sessions, speakers, invitations, etc. It was agreed that holding the 13th JODI international conference in London will be a great opportunity to deepen engagement with stakeholder (users / analysts / providers of data / industry) in support of the ongoing development of the JODI.
Washington DC, USA
Dr Sun Xiansheng, Secretary General of the International Energy Forum (IEF), delivered a presentation to an audience gathered by the CSIS Energy & National Security Program at their headquarters in Washington DC. Dr Sun’s presentation "Energy Security, Transition and Dialogue" and the subsequent roundtable discussion focused on the forces impacting the security of global oil and gas supplies, and the challenges posed by the volatile nature of energy markets, and the policy implications of tightening greenhouse gas emission thresholds around the world.
The session was moderated by Adam Sieminksi, former EIA Administrator and current holder of the James R Schlesinger Chair for Energy and Geopolitics.
Washington DC, USA
IEF Secretary General Dr Sun Xiansheng delivered a keynote speech on 27 June 2017 to an audience of more than 900 leaders from industry, government, and academia participating in the US EIA's 2017 Energy Conference in Washington DC. Participants also heard from US Secretary of Energy, Mr Rick Perry, and Ms Colette Honorable, Commissioner of the Federal Energy Regulatory Commission among other distinguished speakers.
Dr Sun’s keynote on Energy Data Transparency underlined the importance placed by IEF Ministers on the need for improved data transparency. Dr Sun also noted the unique cooperative nature of the Joint Organisations Data Initiative (JODI) co-ordinated by the IEF, which involves a partnership among eight International Organisations (APEC, Eurostat, GECF, IEA, IEF, OLADE, OPEC and UNSD), and cited the EIA as a model for other energy statistics agencies to aspire to.
Dr Sun also participated in a Q&A session led by Howard Gruenspecht, Acting Administrator and Deputy Administrator, US Energy Information Administration.
Dr Sun’s speaking notes are available for download below.
You may also download presentations delivered during the Energy Data Transparency session referenced in Dr Sun’s remarks at the EIA website links below:
Energy data transparency
IEF SG Dr Sun Xiansheng delivered the opening keynote address "Global Energy Transition: Risks and Opportunities" when he participated in the 4th Russian Energy Forum in London on Thursday 22 June 2017. The Forum was held under the umbrella theme "Russia on the Global Energy Map: Emerging Partnerships, Risks & Opportunities."
Following his keynote presentation the IEF Secretary General joined Dr Boris Abramov, Trade Representative of the Russian Federation in the UK, Jiro Kida, Special Advisor, Ministry of Economy, Trade and Industry of Japan, and Dr Hyo-Sun Kim, Head of the Department of Polar Policy, Korea Polar Research for a panel discussion moderated by Trevor Barton, Executive Director, Russo-British Chamber of Commerce. The subjects covered by the panel included Russia’s role as a major partner in the global energy dialogue, Russia-UK trade and energy relations, Russia’s place in East Asian oil and gas markets, and policies and prospects with focus on the Arctic.
The Rt Hon the Lord Barker of Battle, former Minister of State for Energy and Climate Change (2010-2014) also delivered a keynote address later the same day.
Dr Sun’s presentation is available for download below. Further detail on the Russian Energy Forum can be found at the event website.
Under the Patronage of the Minister of Oil of the State of Bahrain HE Shaikh Mohammed bin Khalifa Al Khalifa, the International Energy Forum convened the 2nd Symposium on Human Resource Management in the Energy Industry in collaboration with the Ministry of Energy of the Russian Federation, and the National Oil and Gas Authority of the Kingdom of Bahrain, with the support of the Institute for Energy and Finance, Tamkeen, and the Boston Consulting Group as IEF Knowledge Partner, in Manama, The Kingdom of Bahrain on 17-18 May 2017.
The Minister of Oil of the State of Bahrain HE Shaikh Mohammed bin Khalifa Al Khalifa, the Secretary General of the International Energy Forum HE Dr Sun Xiansheng and the Special Representative of the Minister of Energy of the Russian Federation HE Alexander Novak, the Director of the Department of Public Service Management (HR) and mobilization preparation of the Ministry of Energy of the Russian Federation, Mr Vladimir Smirnov, presided over the Symposium proceedings.
Mindful of the many changes that have taken place since the State of Qatar hosted the 1st IEF Symposium on Human Resource Management in Doha on the implications of the petroleum crunch of 2009, the cyclical nature of the energy industry, and the long-term transformations taking place in respect of energy transition, digitisation and labour market dynamics, participants discussed the implications of a new market environment and energy transition for human resource management in the energy industry.
Delegates acknowledged that global energy security and industry performance will continue to depend on how human resource management navigates both cyclical and irreversible transformational trends occurring in the energy industry and wider global economic system. Sessions focused on:
What has changed since the IEF Symposium in Doha discussed tackling the human resources crunch in the petroleum sector in 2009?
In response to a lower price environment, challenges from new entrants, and greater consensus on the need for an energy transition, the industry has been forced to reduce costs, increase efficiency, and explore new business models. Uncertainties in this new environment go beyond the traditional boom-bust cycle creating new challenges and opportunities in human resource management. As the industry adjusts to this new reality, how does human resource management contribute to shaping our energy future?
Session moderator: Mr Jassim Isa Al Shirawi, General Manager, Oil and Gas Affairs, National Oil and Gas Authority, Bahrain
The world’s leaders have determined the need to transition towards a lower carbon future. This transition impacts the regulatory environment, industry image and public perceptions. How can the industry attract, retain and nurture talent in highly competitive markets faced with increasingly complex and fluid policy environments and manage the risk and opportunities of new technologies to its advantage?
Session moderator: Ms Svetlana Epikhina, Member of the Council for Professional Qualifications in the field of personnel management, Russia
Considering the challenges and opportunities discussed in foregoing sessions, what options can be pursued to attract and retain the needed human resources skills in view of the cyclic industry developments addressed in Session 2, and energy in transition policies addressed in Session 3.
Session moderator: Dr Sun Xiansheng, Secretary General, International Energy Forum
Abu Dhabi, UAE
IEF Secretary General, Dr Sun Xiansheng was invited to deliver a keynote speech and to participate in specialist sessions at the 3rd GCC Petroleum Media Forum, held on 19-20 April 2017 in Abu Dhabi, under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates.
HE Suhail Al Mazrouei, Minister of Energy (UAE) hosted the meeting in which HE Dr Sultan Al Jaber, Minister of State UAE & CEO, ADNOC Group (UAE), HE Shaikh Mohammed bin Khalifa bin Ahmed Al-Khalifa, Minister of Oil (Bahrain), HE Essam Abdul Mohsen Al-Marzouq, Minister of Oil (Kuwait), HE Dr Mohammed Al Rumhi, Minister of Oil & Gas (Oman), HE Dr Mohammed Bin Saleh Al-Sada, Minister of Energy & Industry (Qatar), HE Khalid Al Falih, Minister of Energy, Industry & Mineral Resources (Saudi Arabia), and HE Mohammad Sanusi Barkindo, OPEC Secretary General also took part along with a number of global media personalities, who gave their views on the relationship between the media and the energy industry at large.
The UAE announced that the 3rd Gulf Cooperation Council Petroleum Media Forum was convened with the intent to accelerate the GCC petroleum media strategy and elevate the perception of the oil industry as well as to highlight the major contribution of the GCC countries in the global economy. The forum also aimed to enhance the capacity of the local media and build a roadmap to develop specialised petroleum media capabilities in the region.
Dr Sun’s keynote speech entitled “The Role of Data in Accurate Energy News” is available for download below.
To advance the dialogue on the eradication of energy poverty in Africa, the International Energy Forum (IEF) and the OPEC Fund for International Development (OFID) convened the 3rd IEF - OFID Symposium on Energy Poverty with the support of the Ministry of Energy, Mines and Renewable Energies of Tunisia on 11-12 April 2017 in Tunis.
The Symposium was opened by HE Hela Cheikhrouhou, Minister of Energy, Mines and Renewable Energies of Tunisia represented by Mr Hamdi Harrouch, Director General of the National Energy Conservation Agency on behalf of the host country, Dr Sun Xiansheng, Secretary General IEF, and Mr Suleiman Jasir Al-Herbish, Director General and the Chief Executive Officer, represented by Dr Fuad Siala, Senior Advisor of OFID.
The Symposium participants comprised a wide range of representatives from African countries, the African Energy Commission (AFREC), Sustainable Energy for All (SEforALL), and representatives of the partner organisations of the Joint Organisations Data Initiative (JODI), including the International Energy Agency (IEA), the Organisation of Petroleum Exporting Countries (OPEC), the United Nations Statistics Division, the Gas Exporting Country Form (GECF), as well as international energy sector practitioners from the private sector and the International Gas Union (IGU).
Participants focused on accelerating collective efforts to provide access to modern energy services in African nations by 2030 in accordance with globally agreed goals. The symposium addressed the extent and the consequences of energy poverty, the roles that various energy sources and technology play, and the policy and regulatory options available to African countries to accelerate investment in alleviating energy poverty.
The Symposium noted that efforts to eradicate energy poverty must be technology neutral. Renewable energy technologies offer new opportunities to overcome energy poverty and achieve a secure and sustainable provision of modern energy services in Africa where economics permit. Fossil fuels and related technologies aimed at reducing emissions and air pollution in major cities continue to be important to meet growing energy demand and ensure equitable development on the African continent. Poor countries cannot be deprived of energy to grow their economies and keep up with demographic trends during the transition to a more diversified and sustainable energy mix.
Symposium participants exchanged views on enhancing international cooperation and applauded the progress made by African countries in this regard in collaboration with international organisations. Delegates noted that the challenge to eradicate energy poverty in Africa is much bigger than any stakeholder can overcome individually. There is a clear need to broaden partnership and strengthen international cooperation for efforts to be well targeted and successful. IEF and OFID propose to continue their collaboration on the eradication of energy poverty and step up their efforts to build capacity on related energy data collection together with JODI Partners and other relevant international organisations.
Presentations, speeches and the concluding statement will be available to download below as they become available.
The 15th Regional JODI Training Workshop for Africa and MENA countries was held in Tunis from 11-13 April 2017. The event, hosted by the Ministry of Energy, Mines, and Renewable Energy of Tunisia, was organised by the IEF in collaboration with the African Energy Commission (AFREC), and the support of other JODI Partners (GECF, IEA, OPEC, and UNSD).
More than sixty statistical officers in charge of hydrocarbon data collection at national administrations of African and MENA countries took part in the workshop which was designed to raise awareness and build better understanding of the Joint Organisations Data Initiative (JODI) and improved data submissions from this key region. Tunisian participants from the Ministry of Energy, Mines, and Renewable Energy, the National Institute of Statistics ETAP, and other government agencies, were also joined by a delegation from the United Arab Emirates.
Hands-on training sessions were a key feature of the workshop, and participants took full advantage of the opportunity of the interactive nature of the programme to exchange views on their experience in dealing with energy statistics in general and JODI in particular.
Participants in the JODI workshop also attended the opening session of the 3rd IEF-OFID Symposium on Energy Poverty that was held in parallel with the JODI event. Discussions in the joint session touched upon the value of accurate statistical data to the alleviation of energy poverty, by facilitating improved decision-making, and removing some of the elements of uncertainty that may be hampering investment.
JODI Partners agreed that they would follow-up on action items and commitments made by countries participating in the workshop to underpin the excellent progress already made, and to ensure that data transparency in this key region continues to improve.
For more information about this and other Joint Organisations Data Initiative events please visit the JODI website.
Dr Sun delivered a presentation on "Perspectives on Gas Market Developments for Sustainable Growth and Energy Transitions" to the gathered audience of Ambassadors, members of the diplomatic corps, academic, international oil and gas companies’ executives, businesses as well as senior experts and analysts from the gas sector.
Dr Sun shared IEF perspectives on gas market developments for sustainable growth and energy transitions. Recognising the scope for gas to contribute to growth and transition, the IEF Secretary General also looked forward to further exploring the potential for the IEF and GECF to work together to help overcome gas market challenges, secure an orderly energy transition, and a sustainable, healthy and affordable energy future for all.
At the 2nd G20 Energy and Sustainability Working Group meeting in Berlin the IEF updated delegates on the 1st IEF-EU Energy Day (Riyadh, 14 February) which provided a platform focused on cooperation with the EU on energy efficiency and renewable energies in the context of the G20 IEF Knowledge Sharing Framework on Energy Efficiency as agreed under the G20 Presidency of China in 2016.
The IEF also referred to the upcoming Asian Energy Efficiency Conference and Exhibition as the next major event under this work stream, and notified ESWG Delegates that all G20 Ministers would be invited to strengthen international cooperation on energy efficiency and new technologies in the framework of the producer-consumer dialogue in accordance with the outcomes of the IEF15 International Ministerial Energy Forum hosted by Algiers in 2016.
The IEF Energy Efficiency Knowledge Sharing Framework update was delivered by Senior Energy Analyst Christof van Agt, and is available to download below.
The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) met at the OPEC Secretariat in Vienna, Austria, to participate in the 2nd Joint IEA-IEF-OPEC Technical Meeting on the Interactions between Physical and Financial Energy Markets on 16 March 2017. The Joint Meeting was the 7th event in this ongoing dialogue.
The high-level meeting, which gathered government officials, regulatory bodies, market analysts and other experts was chaired by OPEC Secretary General, HE Mr Mohammad Sanusi Barkindo, together with HE Dr Sun Xiansheng, Secretary General of the IEF, and Mr Neil Atkinson, Head of the Oil Industry and Markets Division at the IEA.
Addressing participants, HE Mr Barkindo noted that "each brings a different perspective of the market - from the financial side, the physical side, governments, regulatory bodies, market analysts and experts. This is a testament to the strengths of this dialogue as it allows us to exchange views and collectively present a more complete and rounded picture of the market."
IEF Secretary General, HE Dr Sun underscored the strong relationship between the IEF and oil producers and consumers like OPEC and IEA, noting that "the relevance of inclusive dialogue cannot be overstated considering the more fluid dynamics the physical and financial energy markets are exposed to." He further noted that "the IEF remains committed to enhancing energy market transparency through dialogue with physical and financial energy market participants from consumer and producer countries, and the Joint Organisations Data Initiative (JODI)."
Representing the IEA, Mr Atkinson noted that "the interaction amongst players in the oil market remains a major priority if we are to better understand each other’s interests and how common ground can be found. The IEA strongly supports the work of this meeting and looks forward to future engagement with our colleagues from OPEC and the IEF."
Discussions during the one-day event were structured into four sessions, focused on the following key topics:
The Joint Technical Meeting is one part of the trilateral work programme established by the three organisations and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, in March 2010. Since then, the joint IEA-IEF-OPEC meetings covering the evolving inter-linkages between physical and financial energy markets have developed into a unique, high-level technical event and bring together a diverse range of market participants to discuss issues that are not addressed in other high-level fora.
The trilateral cooperation between the three organisations was recently commended by the G20 Energy Ministers in their Beijing Communique in June 2016, which requested the organisations to continue their fruitful collaboration to further enhance understanding of the interaction between physical and financial markets. The Energy Ministers at the 15th International Energy Forum in Algeria in September 2016 further endorsed the value of this important consumer-producer dialogue.
Session Moderator: David Ernsberger, Platts
Session Moderator: John Kemp, Reuters
Session Moderator: Eric Salomons, Dubai Financial Services Authority
Session Moderator: Kurt Chapman, Mercuria
The meeting, hosted by OPEC at their Headquarters in Vienna focused on reviewing progress and action plans in regard to the following:
Partners voiced support for the plan to hold the next JODI Workshop for Africa region in Tunisia on 11-13 April 2017 back-to-back with the 3rd IEF-OFID Symposium on Energy Poverty, thus demonstrating the link between energy data transparency and efforts to alleviate energy poverty in Africa.
Moreover, Partners agreed on the importance of maintaining an ongoing programme of JODI data-user seminars, and to further reinforce links with the JODI data-user community by holding the 13th JODI international conference in 2017 so as to deepen stakeholder engagement (users / analysts / providers of data / industry) in support of the ongoing development of the initiative.
Partners also agreed on a set of actions to improve coal data transparency, including through harmonisation and dissemination of coal data already routinely collected by some of the JODI partner organisations.
An agreement in principle was also reached to facilitate the dissemination of JODI data on the electronic platforms of data re-distribution agencies later in 2017, assuming that agreed pre-conditions are met.
As the largest student-led energy conference in the US, the MIT Energy Conference has become a premier event to connect professionals, policymakers, academics, and students in the energy industry.
More changes have occurred in the global energy sector in the past decade than in the 100 years prior. In its 12th edition, the MIT Energy Conference explored changes in production and conversion, transmission and storage, and consumption with a focus on enabling the next energy paradigm.
The conference, which was opened by HE Dharmendra Pradhan, Minister of Petroleum and Natural Gas (India) gathered an impressive array of leaders and visionaries from industry, government, the scientific community, and the private sector that are looking at the whole value chain in a holistic way, to speak about and debate the development of these complex changes, which are redefining the future of energy worldwide.
IEF Secretary General, Dr Sun Xiansheng delivered a keynote presentation: “Opportunity. Uncertainty. Risk” which is available for download below.
Riyadh, Saudi Arabia
The Secretary General of the International Energy Forum and the President of the King Abdullah Petroleum Studies and Research Center welcomed participants in the Third IEF-KAPSARC Thought-Leaders’ Roundtable discussion on oil markets at IEF headquarters in Riyadh on 16 February.
Discussions focused on the theme: "Post-Paris Agreement: A World of Peak Oil Demand?"
Many of the parties to the ‘Paris Agreement’, that entered force on 4 November 2016, anticipated that its subsequent implementation would lead to a world of peak oil demand. However, the transition through a demand peak, should investors expect it to arrive within the time horizons of their medium-term oilfield developments, might increase price volatility. Paradoxically, a reduced reliance on fossil fuels among consumer nations might lead to periods of supply shortage while at other points of an accentuated cycle, exporters may compete for market share after giving up hope of a rebound in prices.
Energy Ministers gathered at the 15th International Energy Forum on 26-28 September 2016 called for an enhanced role of the producer-consumer dialogue and greater market transparency. An inclusive and energy-technology neutral dialogue among producing and consuming countries will offer more clarity to investors and market participants, and so may contribute to a more orderly and cost efficient transformation of energy markets. On one hand, this will facilitate more orderly transitions between investment cycles in the interest of overall energy market security. On the other hand, accelerated deployment of energy efficiency and new energy technologies in oil producing and consuming growth markets will foster energy productivity gains across regions and help reduce greenhouse gas emissions more swiftly, placing global economic growth on more advanced and healthier footings.
The 3rd IEF-KAPSARC Thought Leaders’ Roundtable invited thought leaders and government and industry representatives to collectively look beyond the corners of these policy turns and physical market developments to assess what their likely impact is on the dynamics of global oil supply and demand in the medium and long term.
This roundtable launched a year-long engagement to explore scenarios for producers and consumers navigating the transition to a lower carbon energy future. During the year, participants will be invited to contribute intellectually to the development of modelling infrastructure to describe the transition and its impacts on the global economy - particularly the risks of increased volatility in the oil market and the potential impacts on international energy relations. Workshops in The Netherlands, Dubai, UK and Saudi Arabia with a joint study report to be issued late in 2017.
Riyadh, Saudi Arabia
The Seventh IEA-IEF-OPEC Symposium on Energy Outlooks took place on 15 February 2017 at the IEF Headquarters in Riyadh, Saudi Arabia. Dr Sun Xiansheng, the Secretary General of the International Energy Forum opened the Symposium together with the Secretary General of the Organization of the Petroleum Exporting Countries, HE Mohammed Sanusi Barkindo and the Director, Sustainability, Technology and Outlooks of the International Energy Agency, Dr Kamel Ben Naceur.
HE Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources (Saudi Arabia), delivered a keynote speech, and participants also received a special address delivered on behalf of HE Shamshad Akhtar, Under Secretary General of the United Nations & Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
Dr Sun Xiansheng, IEF Secretary General, moderated discussions of the first session with a focus on the latest OPEC and IEA energy outlooks and a comparative analysis of short-, medium-, and long-term energy outlooks released by the IEA and OPEC in 2016 provided by the IEF-RFF Introductory Background Paper. HE Sheikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, Bahrain chaired Session II on Industry views on short-, medium-, and long-term energy outlooks, and HE Mohamed Zayed Awad Mousa, Minister of Petroleum, Sudan chaired the final session on the subject of Transportation.
The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) each year publish energy market outlooks based on the rigorous analysis of available statistical data, market fundamentals, macroeconomic developments, policy trends and assumptions. In addition, on the occasion of the biennial International Energy Forum Ministerial meetings, both organisations present focused findings that they derive from their analysis and outlooks. The Seventh Symposium is part of a wider trilateral work programme undertaken by the IEA, IEF and OPEC in recognition of mandates from the Energy Ministers of the IEF and G20 countries. The underlying principle of the Symposium is to improve transparency, and facilitate comparability among the various outlook scenarios, and help advance a data-driven and well informed producer-consumer dialogue.
In addition to the Joint IEA-IEF-OPEC Symposia on Energy Outlooks, the joint collaboration involves High-Level Workshops on Physical and Financial Energy Market Interactions and Gas and Coal Market Outlooks.
Additional detail about the Seventh Joint Symposium will be forthcoming shortly.
Riyadh, Saudi Arabia
The IEF was pleased to host the 1st IEF-EU Energy Day at its headquarters on 14 February 2017. IEF Secretary General, Dr Sun Xiansheng opened the event alongside EU Ambassador HE Michele Cervone d’Urso and noted the importance of this inaugural IEF-EU Energy Day as a first step to strengthened IEF-EU relations, and to better inform and further enrich the producer-consumer dialogue.
Mr Hans Steen, Head of International Relations at the European Commission Directorate for Energy delivered a key note speech: “EU energy policies - the international perspective” during the opening session. Mr Steen was joined by guest speakers from Saudi Arabia, the Gulf Region and Europe. The IEF Secretary General noted that the sharing of insights in energy policy and market developments among government and industry officials from IEF and EU member countries strengthens cooperation on energy security, healthy energy market development and orderly transitions to achieve global goals. He further noted that content and feedback from the meeting would help inform the 1st IEF Energy Efficiency and New Technologies Ministerial that Saudi Arabia will host jointly with Japan on 30 October 2017, and the 7th Asian Energy Ministerial hosted by Thailand on the IEF platform in Bangkok on 1-3 November shortly thereafter, as well as many other forthcoming IEF dialogue events including with the EU.
Other EU and GCC company and government representatives invited
The 4th Argus Middle East Crude Conference hosted the Secretary General of the IEF, Dr Sun Xiansheng alongside the Under Secretary of Oil and Gas of Oman, HE Salim Al-Aufi as key note speakers among other senior industry and government representatives at the Al Bustan Palace in Muscat, Oman on 23-24 January 2017.
The IEF Secretary General discussed the new features of the global oil market, proposing to strengthen the Joint Organisation's Transparency Initiative (JODI), make full use of the platform for dialogue and cooperation that the IEF uniquely provides to accommodate new trends in green, low carbon, and efficiency, strengthening, secure, and sustainable energy market functioning for all.
The Under Secretary of Oil and Gas of Oman highlighted the strategic position and longstanding tradition of Oman in expediting trade and investment flows between the Middle East and Africa with growth markets in Asia and beyond. He also noted that Government and industry cooperation has enabled Oman to reduce upstream unit operating costs, and remove downstream fossil fuel subsidies achieving greater energy productivity in general. Under Secretary Al-Aufi further noted that Oman has successfully attracted substantial new investments in the petrochemical and storage sector in addition to its engagement in the upstream sector that will maintain production at around 1 mb/d.
Challenges in the oil and gas sector also relate to manpower. Oman is extending training opportunities to ensure that employment for Omani talent exists across sectors. The IEF is now working with the Russian Federation on organising the 2nd IEF Conference on Human Resources. The conference will be hosted by the Kingdom of Bahrain, in Manama on 17-18 May 2017.
Riyadh, Saudi Arabia
On Thursday 19 January 2017 Professor Masakasu Toyoda, CEO and Chairman of the Institute of Energy Economics, Japan (IEEJ) visited IEF Headquarters in Riyadh for a bilateral meeting with IEF Secretary General, Dr Sun Xiansheng. Professor Toyoda also delivered an IEF Lecture entitled: "IEEJ Energy Outlook 2016 for Asia/World" to a distinguished gathering of the diplomatic corps and business community of Riyadh.
The Institute of Energy Economics, Japan (IEEJ) was established in June 1966 and certified as an incorporated foundation by the Ministry of International Trade and Industry in September that year. The IEEJ has been conducting specialised research activities in the areas of environment and energy economics for 50 years. According to the 2015 Go To Think Tank Index from the University of Pennsylvania, the Institute progressively gained recognition and now ranks Best Energy and Resource Think Tank in the World.
Professor Toyoda has been an active participant in the global energy dialogue for many years, having previously held senior positions at the Ministry of International Trade and Industry (MITI) of Japan, which was renamed in 2001 as the Ministry of Economy, Trade and Industry (METI). He is a Board Member of KAPSARC, Accenture Global Energy, and Oxford Institute for Energy Studies. Professor Toyoda is also a member of the Board of Directors of the Pacific International Center for High Technology and a member of the International Advisory Board of Brunei National Energy Research Institute. The Professor holds a bachelor’s degree in law from the University of Tokyo and a master’s in Public Affairs from Princeton University.
Professor Toyoda’s presentation is available for download below.