RIYADH, (Pakistan Point News - 18th Feb, 2021) The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organisation of the Petroleum Exporting Countries (OPEC) today hosted the 11th IEA-IEF-OPEC Symposium on Energy Outlooks to examine the impact of the COVID-19 pandemic on global energy markets and the outlook for global energy security and market stability.
Hosted by the IEF, the symposium reviewed the IEA’s and OPEC’s short-, medium- and longterm outlooks, which are analysed in the newly released IEF-RFF Outlooks Comparison Report. Produced by the IEF and Resources For the Future (RFF), the report highlights a reset in energy outlooks after the biggest demand shock in history last year.
"The pandemic’s impact on energy demand is unparalleled in the history of energy markets," said IEF Secretary General Joseph McMonigle. "The symposium explored what government policies and industry responses are necessary to safeguard the long-term stability of energy markets."
Among the report’s major findings were that the pandemic led to oil demand contracting by 9-10 million barrels per day in 2020, but it is expected to rebound by 5-6 million barrels per day this year. The pandemic has also led to a downward revision in long-term annual economic growth by as much as 0.8 percentage points in some outlooks, the report noted.
The Symposium is part of a wider joint program of work by the three organisations originating from the 12th International Energy Forum held in Cancún, Mexico in March 2010.
Dr Fatih Birol, the Executive Director of the IEA, said: "Dialogue and cooperation will be increasingly vital to steer the global energy system towards a future that is fit for tomorrow’s generations, where energy is abundant, affordable, clean and is used to underpin growth and development."
In his opening remarks to the Symposium, Mohammad Sanusi Barkindo, OPEC Secretary General, recognised the vital contributions of the OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) in helping to stabilise the oil market over the past year, and the importance of close dialogue with the G20, the IEA and IEF in supporting market rebalancing efforts. He also emphasised the need for continued investment in the oil industry to ensure stability of supply and to help maintain an inclusive approach to addressing climate change, the energy transition and energy access challenges. "These investments are essential for both producers and consumers," he said.
"In our fast-changing and unpredictable world, we seek to contribute to greater stability, more predictability and enhanced transparency," the OPEC Secretary General told the Symposium. "We constantly seek to improve our capacity to do so, for we believe this will help us build a better future, one which serves the interests of generations of producers and consumers."
