Experts Assess Energy Future at 7th IEA-IEF-OPEC Symposium

IEA-IEF-OPEC symposium roup picture of officials attending the 7th IEA-IEF-OPEC Symposium in Riyadh, Saudi Arabia (Photo of Saudi Ministry of Energy, Industry & Mineral Resourcs)

By Joseph R. Fonseca

The International Energy Forum (IEF), the
International Energy Agency (IEA), and the Organization of the
Petroleum Exporting Countries (OPEC) convened the Seventh
IEA-IEF-OPEC Symposium on Energy Outlooks that successfully
concluded its sessions debating short-, medium, and long-term
energy outlooks and transport sector dynamics at the IEF
Headquarters in Riyadh on 15 February 2017.

The Secretary General of the International Energy Forum, Dr Sun
Xiansheng, the Secretary General of the Organization of the
Petroleum Exporting Countries, HE Mohammad Sanusi Barkindo, and
Dr Kamel Ben Naceur, Director Sustainability, Technology and
Outlooks, representing the Executive Director of the IEA,
welcomed more than 120 senior government and industry
representatives from energy producer and consumer countries on
the inclusive and neutral platform the IEF provides.

HE Khalid Al-Falih, Minister of Energy, Industry and Mineral
Resources (Saudi Arabia) and President of the OPEC Conference,
welcomed participants and noted that as energy markets are
governed by more complexity, enhancing dialogue on probable
energy pathways improves market transparency and brings us closer
to achieve goals together.

Dr Sun Xiansheng, Secretary General, International Energy Forum,
pointed out that global energy security depends, more than ever,
on enhancing commitment, reliability and trust. This can only be
achieved by a vibrant energy dialogue on a global level.

HE Mohammad Sanusi Barkindo, OPEC Secretary General, offered
OPEC's support to help improve the dialogue on energy outlooks
by hosting a technical meeting with senior experts in advance of
the IEA- IEF-OPEC Meeting on Physical and Financial Energy Market
Interactions taking place on 16 March 2017 in Vienna.

Dr Kamel Ben Naceur stated that the IEA was committed to
continued collaboration aimed at providing transparency on the
model assumptions underlying the energy outlooks and looked
forward to continued discussions with the other partners and
stakeholders on the implications of the different scenarios.

The IEA, IEF and OPEC agreed to maintain their efforts to enhance
the comparability of energy outlooks in response to requests for
more aligned baseline data on supply and demand where possible
and to continue to facilitate wider understanding of the
variations in outlook assessments. Industry and government
representatives welcomed the comparative analysis of IEA and OPEC
outlooks provided in the IEF-Resources for the Future (RFF)
Introductory Paper to improve dialogue and engagement with all
energy sector stakeholders.

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, Bahrain's Minister of Oil,
chaired Session II on Industry views on short-, medium-, and
long-term energy outlooks, and HE Mohamed Zayed Awad Mousa,
Sudan's Minister of Petroleum, chaired the final session on
Transportation.

To help place discussions in the context of global sustainable
development goals and Paris Agreement pledges to limit global
warming within agreed thresholds, HE Shamshad Akhtar, Under
Secretary General of the United Nations & Executive Secretary
of the Economic and Social Commission for Asia and the Pacific
(ESCAP), delivered a special address via her designated
representative.

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 (IEF)
Ministerial meetings, both organizations 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.

Feb 16, 2017

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