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3rd IEA-IEF-OPEC Technical Meeting on the Interactions between Physical and Financial Energy Markets

28 March 2019

Vienna, Austria

The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) hosted the 3rd Joint IEA-IEF-OPEC Technical Meeting on the Interactions between Physical and Financial Energy Markets at the OPEC Secretariat in Vienna, Austria on 28 March 2019.

OPEC Secretary General, HE Mr. Mohammad Sanusi Barkindo, HE Dr. Sun Xiansheng, Secretary General of the IEF, and Mr. Neil Atkinson, Head of the Oil Industry and Markets Division at the IEA jointly opened the senior experts meeting. Discussions were structured into three sessions focusing on the following key topics:

  • Review of Interactions of Financial Markets and Oil Prices
  • Developments in Crude Oil Futures Exchanges, and
  • Climate Related Financial Disclosures

The 3rd Joint IEA-IEF-OPEC Technical Meeting is held once every two years and forms integral part of the trilateral work programme established by the IEA, IEF and OPEC, that was endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, held in March 2010 and subsequent G20 meetings. In addition to the 6 Joint Workshops held over the years, the Joint Technical Meeting represents the 9th event in this ongoing dialogue that considers the evolving inter-linkages between physical and financial energy markets, and new issues of common concern. These largely focused on:

  • Developments in existing and newly established mechanisms for well-informed data driven oil price formation, ranging from the US Gulf, the North Sea, Middle East and West Africa, to Asia, where the lion share of oil will be traded in the future.
  • Growing market interactions between stability and sustainability criteria through an assessment of the impact of climate related financial disclosures on global investment in the oil industry which impose new demands on the industry to balance energy security with shared sustainable development goals.

To encourage open and informative discussions, the Workshop was held under the Chatham House Rule, with participation of key market participants on the financial and physical sides of the market.The next Joint Workshop is scheduled to take place in March 2020.

Welcome and Opening Remarks

Session I - Review of Interaction of Financial Markets and Oil Prices

Moderated by Harry Tchilinguirian, BNP Paribas

Session II - Developments in Crude Oil Futures Exchanges; The Emergence of New Crude Oil Benchmarks and their Impact on Regional Markets

Moderated by Dr Cornelia Meyer, MRL Corporation

Session III - Climate-Related Financial Disclosures; The Impact on Global Investment in the Oil Industry

Moderated by Dr Steven Knell, IHS Markit

  • Climate-related financial disclosures: policy overview – Pedro Gomez Pensado, World Economic Forum
  • Climate-related risks and opportunities – "corporate responsibility" – Brigitte Bichler, OMV
  • Investors' point of view – Michael Eckhart, Citigroup
  • Integrating climate into our strategy – Etienne Anglès d’Auriac, Total

Closing Remarks

Previous IEA-IEF-OPEC Technical Meetings and Workshops on the Interactions between Physical and Financial Energy Markets