Energy ministers and world-renowned experts gathered in Riyadh for the 8th IEA-IEF-OPEC Symposium on Energy Outlooks that the International Energy Forum (IEF) convenes yearly in collaboration with the International Energy Agency (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) to discuss energy outlooks, review historical baseline data, and advance the comparability of different scenarios in a collective effort to enhance producer-consumer dialogue on energy security and market transparency.
The Symposium was opened by Dr Sun Xiansheng, Secretary General of the International Energy Forum, HE Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries; and Keisuke Sadamori, Director, Energy Markets and Security, representing the Executive Director of the International Energy Agency. The representatives of the three organisations welcomed more than 150 senior government and industry representatives from energy producing and consuming countries to the open platform the IEF provides.
In his welcoming remarks, Dr Sun Xiansheng noted that this year’s high-level attendance, which included the energy ministers of Saudi Arabia, Russia, and Sudan highlights the importance of inclusive dialogue on global energy security and energy data transparency for our shared energy future.
"Global energy dialogue is more important now than ever. We currently find ourselves at an energy crossroads, and it is imperative we talk to each other, engage one another and achieve goals together. This Symposium is essential to that end," Dr Sun Xiansheng said.
HE Khalid al-Falih Minister of Energy, Industry, and Mineral Resources, Saudi Arabia; HE Alexander Novak, Minister of Energy, Russia made introductory remarks on behalf of the host country, and participating ministers.
HE Khalid Al-Falih, said that "Realism and resolve are the only ways to achieve an orderly transition to a more secure, more sustainable energy future" and highlighted that "there is a tremendous opportunity here for the IEA, the IEF and OPEC to collaborate in promoting a rational view of future energy policy that will promote energy security, encourage environmental protection, meet and mitigate the challenges of climate change, and help to fuel economic prosperity not just in the developed world, but the developing world as well.
The Minister of Energy of Russia, HE Alexander Novak stated that "For any country to successfully implement its energy policy an adequate understanding of the main trends, and factors influencing markets is necessary. To create a predictable environment for policy and investment decisions we strongly believe that the process of modelling of the future, through an inclusive comparative analysis of Energy Outlooks, must become universal and global. In this regard, we yield due praise to the IEF, which for more than 20 years has been successful in its role as the main platform and coordinator of this process."
"Today’s event is a further bridge to enhancing a common understanding between IEF, the IEA and OPEC," the OPEC Secretary General stated. "These efforts are a priority for OPEC because in today’s increasingly complex and interlinked global oil market, no one player can go it alone - cooperation and dialogue are crucial."
Mr Keisuke Sadamori stated that the IEA was committed to working together with IEF, OPEC, and other stakeholders in order to make a significant contribution to the process of transition to more sustainable and secure energy systems.
Discussions in three sessions governed by the Chatham House Rule focused on the latest IEA and OPEC projections, key findings from the comparative analysis, projections by the US Energy Information Administration, invited as a special guest, and industry views on energy outlooks, as well as investment in unconventional and conventional oil and gas production. Reflecting on the outcomes of this year’s Symposium, the heads of the three organisations found that:
- Comparing outlooks has become easier over successive meetings; dialogue on varied producer and consumer perspectives has become better informed and more collegial. This year’s comparative analysis of the IEA’s and OPEC’s short-, medium-, and long-term projections has led to better data outcomes and a sharper focus on differences in respect of
- The shifts in global energy demand and supply patterns,
- The role and resilience of unconventional production in OECD countries,
- The extent energy matrices compared change over time.
- A continued commitment to global dialogue to strengthen energy security world-wide – In a shifting energy landscape with more variable energy needs across regions, dialogue between IEF government and industry stakeholders on globally shared policy goals, investment requirements, and market solutions is vital to global energy security.
- IEA-IEF-OPEC remain committed to achieving greater data consistency and improving the comparability of energy outlooks - Continued collaboration and agreement on baselines and projection periods, as well as definitions and classifications has helped to make IEA and OPEC forecasts more comparable. Senior experts meeting on 13 February in advance of the Symposium agreed to:
- Share baseline and projection time frames for Outlooks published in 2018
- Joint specialist workshops to further explore:
- underlying assumptions in base case scenarios
- global evolution of energy policies
- energy technology pathways and breakthroughs
- Consider options to bridge differences in the
- classifications of countries and regions across both OECD, non-OECD and OPEC Member Countries, rendering them easier to compare
- fuel types categorisation in regional and global balances
- historical baseline data sets and revisions thereto
- Enhance communication at an analyst level where appropriate, e.g. to flag significant data revisions and methodological issues, and benefiting from state-of-the-art IT technology, e.g. webinars, where possible.
- And discuss these at their next joint meeting that OPEC will host on 16 March, following the 6th IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets taking place in Vienna on 15 March 2018.
Dr Sun Xiansheng noted that "while considerable progress has been made in improving the comparability of IEA and OPEC outlooks, there remains room for improvement" urging further breakthroughs. "Other outlooks such as those provided by the US Energy Information Administration, or by companies and academia could well be included in future comparative analysis."
He echoed remarks by HE Khalid Al-Falih that "this gathering has become a true meeting of some of the greatest minds in the world of energy, and we look forward to a candid and constructive exchange of viewpoints, ideas and insights."
"Looking ahead, I believe there is great potential in expanding our existing dialogue and collaboration efforts and instituting them on a long-term basis," the OPEC Secretary General concluded. "Through open and transparent communication such as we have witnessed here today, we will foster a more sustainable stability in the global oil market, and all industry stakeholders will stand to benefit."
Mr Sadamori reaffirmed the ever-increasing importance of ensuring market transparency on the basis of accurate data at a time when the oil market is undergoing drastic changes.
Speeches and presentations made available with the consent of panellists are available below:
Welcome and opening statements
- Dr Sun Xiansheng, Secretary General, IEF
- HE Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia HE
- HE Alexander Novak, Minister of Energy, Russian Federation
- HE Mohammad Sanusi Barkindo, Secretary General, OPEC
- Mr Keisuke Sadamori, Director, Energy Markets and Security, IEA
Session I: Key findings from the Comparative Analysis on Energy Outlooks, and presentation of the latest IEA and OPEC projections
- Ayed Al-Qahtani, Director, Research Division, OPEC
- Tim Gould, Head of Division, World Energy Outlook, IEA
- Richard G Newell, President, Resources For the Future
- Charles Mead, Assistant Administrator, U.S. Energy Information Administration
Session II: Industry views on short-, medium-, and long-term energy outlooks
Moderated by Vladimir Feygin, President, Institute for Energy and Finance, Russian Federation
- Dario Speranza, Vice President, International Affairs, Political and Institutional Analysis and Scenarios, Eni
- Alexey Gromov, Principal Director on Energy Studies, Institute for Energy and Finance, Russian Federation
- Wen Zhixin, Chief Geologist, Department of Global Resources & Exploration Planning, Research Institute of Petroleum Exploration & Development, PetroChina
- Abd Rahim Mahmood, Head, Strategic Research, Petronas
- Claudio Galimberti, Senior Advisor, Group Strategy & Shell Trading, Shell International
Session III: Investment in unconventional and conventional, oil and gas production
Moderated by Christof Ruhl, Head of Global Research, Abu Dhabi Investment Authority
- Robert McNally, President, Rapidan Energy Group
- Helen Currie, Chief Economist, ConocoPhillips
- Alexandre Andlauer, Head of Energy Sector, AlphaValue
- Amrita Sen, Chief Oil Analyst, Energy Aspects
- Abhishek Deshpande, Head of Oil Research, Executive Director, Global Commodities Research, J.P. Morgan
- Seventh IEA-IEF-OPEC Symposium on Energy Outlooks
15 February 2017, Riyadh, Saudi Arabia
- Sixth IEA-IEF-OPEC Symposium on Energy Outlooks
16 February 2016, Riyadh, Saudi Arabia
- Fifth IEA-IEF-OPEC Symposium on Energy Outlooks
23 March 2015, Riyadh, Saudi Arabia
- Fourth IEA-IEF-OPEC Symposium on Energy Outlooks
22 January 2014, Riyadh, Saudi Arabia
- Third IEA-IEF-OPEC Symposium on Energy Outlooks
22 January 2013, Riyadh, Saudi Arabia
- Second IEA-IEF-OPEC Symposium on Energy Outlooks
23-24 January 2012, Riyadh, Saudi Arabia
- First IEA-IEF-OPEC Symposium on Energy Outlooks
24 January 2011, Riyadh, Saudi Arabia