The International Energy Forum was invited to moderate a plenary session discussion on “The New Producer-Consumer Balance” with senior representatives from the International Energy Agency and the Organization of the Petroleum Exporting Countries at the 21st World Petroleum Congress, which was held in Moscow from 15-19 June 2014. The 21st WPC gathered roughly 5,000 delegates from over 80 countries.
IEF Energy Dialogue Director Zack Henry began the plenary session by providing an overview on the evolution of the producer-consumer dialogue, and then briefly addressed the producer-consumer balance in the context of the joint IEA-IEF-OPEC Symposia on Energy Outlooks.
Dr Jan Ban, Senior Research Analyst at OPEC, discussed the role that dialogue and cooperation play in helping to develop a sustainable energy future. Dr Ban focused on avenues for continued cooperation between producers and consumers, including the inter-linkages between physical and financial energy markets, the industry’s human resource challenges, the energy-water nexus, climate change and energy access.
Mr Keisuke Sadamori, Director of Energy Markets and Security at the IEA, provided an update on the recently-released IEA Medium-Term Oil Market Report. Mr Sadamori noted that while we may not see peak demand, we may see peak demand growth by the end of 2020. We may also see the spread of unconventional oil and gas production beyond North America at the end of this decade.