GECF Participates in the 2019 OPEC World Oil Outlook Unveiling Ceremony
HE GECF Secretary General Dr. Yury Sentyurin was invited to address to the professional community at the 13th edition of the OPEC World Oil Outlook (WOO) launching ceremony. The unveiled deliverable is an in-depth review of the OPEC Secretariat’s medium- to long-term projections and assessment for the global oil and energy industry.
“The 2019 WOO edition once again highlights the industry’s challenges, as well as its opportunities, and underscores the vital requirements for a serious and thorough evaluation of all the factors, drivers and risks to our common long-term energy future”, said His Excellency Mohammad Sanusi Barkindo, OPEC Secretary General in the foreword to the publication.
On a similar note, delivering his remarks, GECF Secretary General stressed, that the Forum estimates the WOO as the highest possible standard for energy and oil forecasting. Since 2007, the OPEC Outlook has gained a global recognition as a platform made up of views, analysis and evaluations of various scenarios as to how the oil and energy scene may develop.
Moreover, the GECF shares definitely the OPEC’s forecast, that oil and natural gas will continue to play a decisive role in the future global energy mix. The results of the GECF’s Global Gas Model based projections stipulate, that the said hydrocarbons will remain the main sources of energy in a wide range of world economy sectors. Generally saying according to the modelling, global energy demand is projected to increase by 30% over the next three decades. Natural gas and oil are expected to continue to play a dominant role in the global energy mix, amounting over 50% of primary energy by 2050.
It is not a coincide, that the 2019’s editions of the OPEC World Oil Outlook and the GECF Global Gas Outlook – which is expected to be unveiled in January 2020 – forecast, that the energy markets will undergo a significant transformation as a sample energy accessibility unlocks over a quarter of global demand.
On this background, oil and gas industries have to meet global environmental challenges and address the request of modern society for low carbon development.
Under these circumstances, the GECF authority specifically emphasized that the pivotal importance of the GECF and OPEC’s joint work on forecasting is ever-increasing.
Providing even more solid ground for joint cooperation, the Secretaries General of the both organizations signed the GECF-OPEC Memorandum of Understanding in Moscow on the sidelines of Russian Energy Week, just a month ago. Dr. Sentyurin shared, that the GECF considers this happening as a milestone in the evolving incrementally productive relationship between GECF and OPEC as a part of the activities in the prestigious multilateral global dialogue of IEA-IEF-OPEC joint program of work on energy outlooks.
By entering into this pact, Secretary General highlighted, the Forum is calling for oil and gas industries representatives, including the both organizations as observers to the UNFCCC, to work actively within the framework of the upcoming COP25 in Madrid next month in order to be accordingly reflected in the process of global movement towards achievement of the UN Sustainable Development Goals and the Paris Agreement’s challenging targets.
GECF representative also added, that oil and natural gas are well positioned if the world is to keep up with the demands stemming from the 21st century demographics, while moving towards sustainable development and climate goals. The need to focus on the security of supply and demand, as well as a stable and reliable application of market mechanisms, has never been more important.
In his concluding remarks Secretary General congratulated his counterpart HE Mohammad Sanusi Barkindo, the OPEC World Oil Outlook team, management and analysts from the OPEC’s Research Division. He also offered his regards to the Austrian officials, as well as sincere thanks to the event’s hosts – Austrian OMV, and personally OMV CEO Dr. Rainer Seele.
Photo credit – OPEC Secretariat