OPEC participates in Russian Energy Week 2021
OPEC Secretary General HE Mohammad Sanusi Barkindo participated in two key panel discussions during the 2021 edition of Russian Energy Week (REW) in Moscow.
The Secretary-General participated in sessions on “The Future of Traditional Energy: Is the World Ready to Avoid Hydrocarbons” and “International Energy Organization Dialogue: Predicting Energy Development and global markets ”.
During the first session of the panel, the Secretary General, as well as HRH Prince Abdul Aziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia; HE Suhail Mohamed Al Mazrouei, Ministry of Energy and Infrastructure of the United Arab Emirates; HE Alexander Novak, Deputy Prime Minister of the Russian Federation; HE Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan; Alexander Dyukov, Chairman of the Management Board and Managing Director of Gazprom Neft; Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF); and Robert Dudley, Chairman of the Oil and Gas Climate Initiative, discussed the energy outlook. It was moderated by Ryan Chilcote.
During the discussion, the Secretary General thanked the Russian Federation for hosting REW, stressing the importance and timeliness of organizing such a forum.
Referring to the next meeting of COP26, he stressed the importance of the United Nations conference, which will be held in Glasgow from October 31 to November 12. He urged all stakeholders to focus on developing fair, comprehensive and inclusive solutions to tackle climate change.
The Secretary General also underlined the need to use COP26 as a platform to build global consensus. He said OPEC and its member countries fully subscribe to the Paris Agreement, noting that all 13 members have signed the agreement and are striving to achieve its goals.
He also noted the importance of securing funding, as provided for in the 2015 Paris Agreement, to assist developing countries in their efforts to adopt adaptation and mitigation efforts in the face of climate change.
“What the world will look forward to in Glasgow is a comprehensive and inclusive deal that will put developed and developing countries on the same wavelength, so that we can meet the goals of the Paris Agreement. “the secretary general told the panel.
Prince Abdul Aziz took the opportunity to salute the efforts of the participants in the Declaration of Cooperation (DoC). He also recalled the results of recent OPEC and non-OPEC ministerial meetings, including the voluntary upward adjustment in production decided at the 21st meeting held on October 4.
The Minister stressed the importance of cooperation and dialogue on energy markets. He also highlighted the need to tackle climate change and energy poverty, noting that various energy sources are needed to tackle the latter.
During the session, Minister Al Mazrouei acknowledged the positive role of the DoC in supporting the stability of the oil market, saying, “The DoC has done a great job.
The UAE minister also underlined the important role of investment. He further described the UAE’s energy strategy to 2030, which harnesses various energy sources, such as gas, solar and nuclear. He also underlined the important future role of hydrogen.
The Russian Deputy Prime Minister noted that when the REW was held two years ago, no one could predict the pandemic and its major impact on energy markets.
Novak went on to highlight the ongoing recovery in the oil and gas sectors, adding that improving demand growth is evident. He pointed out that the DoC participating countries have had a very positive impact on the global oil market.
In a subsequent session, the Secretary General discussed OPEC’s latest World Oil Outlook (WOO), the 15th edition of which was released on September 28.
In his remarks, the Secretary-General underlined that all forms of energy will be needed in the decades to come to cope with the growth of the world economy and the increase in population. By 2045, WOO 2021 sees global energy demand increase by 28%.
“It is obvious that we will need more energy to meet the growing demand,” said Barkindo.
“Projections show that almost all energy sources will increase over the next quarter century, especially renewables, which will grow from a global fuel share of around 2% in 2020 to over 10% of here 2045, “he said. , adding: “Oil is expected to continue to occupy a leading position in meeting global energy needs for the foreseeable future.”
“The additional demand by 2026 will be nearly 14 mb / d higher than in 2020, and total demand is expected to exceed just over 108 mb / d by 2045. Together, oil and gas will provide nearly 53% of world energy needs in 2045. – just over 28% for oil and 24% for gas, ”he said in his speech.
“As an African, I know very well that we must harness all the energy resources at our disposal, from the sun above our heads to the abundant fuels that lie beneath our feet, if we are to reduce energy poverty and develop the economies of our continent. ”
HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF), participated in the International Energy Organization Dialogue session, along with other senior officials and industry experts.
The REW runs from October 13 to 15, 2021.
OPEC – Organization of the Petroleum Exporting Countries published this content on October 14, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 14, 2021 04:31:01 PM UTC.