IEA, IEF and OPEC emphasize global energy market stability
Joint workshop highlights energy market dynamics
VIENNA, March 28, (KUNA): The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) stressed on Wednesday the significance of ensuring stability in the global energy market amid a rapidly changing world.
This came in a joint press release issued at the wrapping-up of the 10th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets
The high-level technical meeting was chaired by Ayed S. Al-Qahtani, Director of OPEC’s Research Division, together with Christof van Agt Ross, Director of the IEF’s Energy Dialogue, and Joel Couse, Special Advisor to the IEA.
Discussions during the workshop had three sessions. The first addressed the “Factors driving oil market volatility”. This was followed by a second session on “Evolving crude benchmarks, price formation and interaction with derivatives markets”.
The third session covered “Ensuring adequate financing to sustain oil and gas developments”.
In his remarks, Al-Qahtani said: “Our latest World Oil Outlook puts cumulative oil-related investment requirements from now until 2045 at approximately USD 14 trillion or around USD 610 billion on average per year. This massive spending will be required to meet global oil demand, which is expected to reach 116 mb/d by 2045.”
“This must be an industry priority if we are to maintain security of supply and avoid unwanted volatility in the years ahead,” said Al-Qahtani, adding that “we must continue to do everything we can to avoid volatility, and this includes speculative positioning, which can adversely impact the global oil market.”
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Van Agt Ross told the workshop that though physical and financial energy market linkages are better understood and have become more transparent, they require constant analysis to support the stability of world energy markets in a rapidly changing world.
For his part, Couse said the continuation of this regular event has contributed to a better understanding of price formation in oil markets, and energy markets generally. Today’s workshop demonstrates again the importance of the ongoing dialogue between OPEC, the IEF and the IEA on subjects of common interest to the three parties.
The Joint Workshop is part of the trilateral work program established by the three organizations and endorsed by energy ministers at the 12th International Energy Forum in Cancun, Mexico, in March 2010.
Since then, the joint IEA-IEF-OPEC meetings covering the evolving inter-linkages between physical and financial energy markets have developed into unique, high-level technical events that bring together a diverse range of market participants to discuss issues that are not addressed in other high-level forums.