GECF Secretary General meets with the OPEC counterpart
On the sidelines of the 2019 OPEC World Oil Outlook launching ceremony, the Secretaries General of the GECF and OPEC met to coordinate positions and record the progress after the recent signing of the Memorandum of Understanding (MoU) between the two organizations.
Exchanging of expertise and findings from the 2019 editions of the Forum’s Global Gas Outlook and the peer’s World Oil Outlook shaped the granular basis for the discussion. In particular, according to the GECF modelling, global energy demand is projected to increase by 30% over the next three decades. Natural gas and oil are expected to continue dominating in the world energy mix, amounting over 50% of primary energy by 2050.
Given to scientifically based projections, that the said fossil fuels will remain a viable shareholder of the global energy market, HE Yury Sentyurin and Mohammad Sanusi Barkindo acknowledged the MoU as a framework for carrying out joint activities and sharing experiences, views, information and best practices in the area of energy long-term forecasting and outlook production for the benefit of the both organizations’ Member Countries.
As per the MoU, identified areas of cooperation include energy market monitoring, analysis, modelling and forecasting; energy market research studies covering the short- medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics (such as methodologies of data gathering, assessment and dissemination); energy initiatives and developments aimed at sustainability, along with environmental and social responsibility; and other areas and matters involving common interests and concerns.
By entering into a pact, the partner organizations endeavour to provide a comprehensive granulated analysis of the global energy, meanwhile contributing to the prestigious multilateral global dialogue of IEA-IEF-OPEC joint program on energy outlooks. At the same time it is a tribute to the process of global pursuits towards achieving the Paris Agreement’s challenging targets and striving for the positive development under the UN Sustainable Development Agenda.
In the development of the Memorandum during the meeting the authorities agreed on practical steps for cooperation on the exchange of information and data; holding expert meetings and internal bilateral workshops to promote the exchange of knowledge and experiences; and cooperation on seminars, workshops, conferences and publications.
In line with the leadership meeting, simultaneously the working level contacts were reaffirmed. The shared GECF-OPEC understanding of necessity for joint work on energy forecasting serves as a driver for broad multifaceted dialogue aimed at the much-needed global energy security.
Photo credit - OPEC Secretariat