The 2017 OPEC World Oil Outlook (WOO) was launched recently at the OPEC Secretariat in Vienna. First published in 2007, the WOO offers a thorough review and assessment of the medium- and long-term prospects to 2040 for the global oil industry, as well as analysis of various sensitivities that have the potential to impact the petroleum industry in the years ahead.
In launching the WOO, His Excellency Mohammad Sanusi Barkindo, OPEC Secretary General said: “The past year has been an historic one for OPEC and the global oil industry. Since publication of the WOO 2016 in early November last year, the oil market has undergone fundamental change. It has been a period where the rebalancing of the global oil market has gathered vital momentum, buoyed by a number of important factors.”
He reiterated the importance of the landmark ‘Declaration of Cooperation’ of 24 participating OPEC and non-OPEC nations in driving the rebalancing process, with the high conformity levels to the production adjustments evidence of the major commitment to restore sustainable oil market stability in a stable manner. He added that “we need to remember that the short-, medium- and long-terms are all intertwined”, which is underscored in the WOO 2017.
The WOO 2017, presented by Dr. Ayed S. Al-Qahtani, Director, Research Division of OPEC, highlights the multi-faceted nature of the oil industry and the continued interdependence of all nations; the impact of the ongoing market rebalancing process, specifically on the medium-term outlook; that oil will remain a fuel of choice for the foreseeable future; that security of supply and security of demand are very much two sides of the same coin; and the importance of exploring and evaluating the possible challenges, uncertainties, as well as opportunities, the industry might face.