Twenty-four countries from OPEC and Non-OPEC groups yesterday converged at Vienna, Austria’s Capital, to seek for solutions for the future oil and gas challenges.
At a seminar, titled: Petroleum –Cooperation for a Sustainable Future, the ministers and heads of national oil companies as well as chief executives of global energy companies, academics, energy experts and media practitioners gathered to address challenges of the 21st century that are considered a threat to the industry.
Recently there were two concerns over the future of oil as many countries are adopting electric vehicle plans as a strategy to phase out the hydrocarbon usage in the near future.
Countries like France, Denmark, Germany and China among others are coming up with deadlines to end vehicles using hydrocarbon on their roads while some global leaders like US President Donald Trump frown at the rising prices of the oil in the international markets in recent tweets.
The Secretary General, of Organisation of Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo said the seminar will seek to reinforce OPEC’s longstanding commitment to strive towards a secure and stable market in support of a healthy global economy.
Some of the key oil and gas issues discussed at the seminar include the Sustainable Global Energy Future; Energy Cooperation; Global Oil Market Balance Metrics, Energy Transition and World Economy and the Future of oil.
Russia, Saudi Arabia – the two leaders among the oil producers groups, have called for the expanded cooperation between the OPEC and non-Opec member countries in order to keep the global energy market more stable.
Also, China and India the two biggest consuming nations, supported the declaration for Cooperation of the producers but called for the expansion of the alliance to include the consumer nations in taking energy decisions.
Saudi Arabia’s Minister of state for Energy Affairs, Prince Abdulaziz Ibn Salman said at the meeting that the cooperation between the OPEC and Non-OPEC members have a great deal in achieving the stability in the global energy market.
Barkindo said the importance of sustainable stability will no doubt be apparent over the course of the Seminar, as OPEC and non-OPEC members tackle such issues as evolving a sustainable energy future; technology breakthroughs; the energy transition; the environment; oil industry challenges; investments; and, the global economy.
“What is central to all of these topics is one word: cooperation, it is vital all stakeholders work together to meet the challenges, as well as the opportunities before us, as the overall theme of the Seminar underscores,” Barkindo said.
He said the landmark ‘Declaration of Cooperation’ between 24 OPEC and non-OPEC nations was initially put together in December 2016 and since then it has been making impact to both the producers and investors.
He said the landmark ‘Declaration of Cooperation’ between 24 OPEC and non-OPEC nations was initially put together in December 2016 and since then it has been making impact to both the producers and investors.
The OPEC boss said the impact of the cooperation has exceeded even the most optimistic of predictions. “We have not only turned a historic page, but a new glorious chapter is being authored in the history of the industry by OPEC and its non-OPEC partners.”
OPEC’s objective is to coordinate and unify petroleum policies amongst member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum consuming nations; and a fair return on capital to those investing in the industry,” Barkindo added.
