Opec Secretary General Mohammad Sanusi Barkindo attended the opening ceremony of the 2021 edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on Monday.
The Secretary General also participated in a ministerial panel titled “The new world of energy”, along with Dr Mohammed bin Hamad al Rumhy, Oman’s Minister of Energy and Minerals, Suhail Mohamed al Mazrouei, UAE’s Minister of Energy and Infrastructure; Gabriel Mbaga Obiang Lima, Equatorial Guinea’s Minister of Industry, Mines and Energy; Dr Mohammad Abdullatif Alfares, Kuwait’s Minister of Oil, Minister of Higher Education and Chairman of the Board of Kuwait Petroleum Corporation (KPC). Barkindo also hosted a leadership roundtable titled “Collaborating to define the global energy future.”
The ministerial panel touched on a number of key topics relevant to the energy industry, including the world post Covid-19, the economic recovery and energy demand, as well as topics related to climate change.
The leadership roundtable focused on the Covid-19 pandemic and its impacts; balancing the energy trilemma components: affordability, security and emissions reduction; multilateralism and international cooperation; investment in energy; technology’s potential in improving the environmental credentials of energy; and the recently concluded COP26 in Glasgow, in which the Secretary General took part.
Addressing the panellists and attendees of the roundtable, the Secretary General stated, “The gathering could not be timelier, for we are truly living in an historic epoch,” adding, “The energy industry has been affected by a range of factors that warrant careful analysis and discussion.”
“The carefully considered actions of the Declaration of Cooperation (DoC) countries continue to provide vital support for the ongoing market rebalancing efforts. This is critical, given the remaining macroeconomic and public health uncertainties,” Barkindo stated, adding, “The cooperation between Opec and 10 non-Opec producing countries involves Opec working in concerted action with 10 non-Opec countries towards sustainable stability in the global oil market.”
The DoC, which was established in 2016, has helped overcome two global oil cycle downturns in 2015 and 2020, the later caused by Covid-19. The multilateral process has been underpinned by three key principles: transparency, equity and mutual respect.
The Secretary General also highlighted the importance of predictable investment in addressing global energy needs.
“Cumulative oil-related investment requirements amount to $11.8 trillion in the 2021-2045 period. Of this, 80 per cent, or $9.2 trillion is in the upstream, with another $1.5 and $1.1 trillion needed in the downstream and midstream, respectively,” Barkindo stated, adding, “This underscores the importance of creating the oil market stability necessary to attract investments to ensure long-term security of supply.”
“The DoC plays a critical role in this regard,” he emphasized.
