The Secretary General of the International Energy Forum (IEF) Dr Sun Xiansheng welcomed Dr Fatih Birol, Executive Director of the International Energy Agency (IEA) to present an IEF Lecture on Global Energy Market trends at IEF Headquarters in Riyadh on 2 May 2018.
In his presentation and roundtable discussion, moderated by the Ambassador of Germany to Saudi Arabia, His Excellency Dieter Walter Haller, Dr Birol complimented the IEF Secretary General on the successful conclusion of the IEF16 Ministerial Meeting hosted by India on 10-12 April in New Delhi. He noted that Asian economies such as India have moved closer towards the centre stage of world energy affairs and highlighted that global oil demand growth had rebounded in 2017 at twice the rate of the past decade. The need for investment in oil has therefore not diminished, given continued growth in demand and 3 mb/d of declines from mature fields each year.
Asian energy demand growth in which India has taken over the lead from China will influence global energy markets trends. Natural gas, electrification and digitalisation will be new driving forces alongside growing demand for oil in transport and petrochemicals sectors and for clean technologies in coal fired power generation. Dr Birol pointed towards a moderate decoupling between global economic growth and carbon emissions over recent years accompanied by large-scale deployment of wind and solar technologies. Although, after three years of remaining flat, global energy-related CO2 emissions grew in 2017 partly due to less emphasis being placed on energy efficiency.