The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organisation of the Petroleum Exporting Countries (OPEC) met today at the OPEC Secretariat in Vienna, Austria, to participate in the 6th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets.
The high-level meeting was co-chaired by OPEC Secretary General, Mr Mohammad Sanusi Barkindo, Dr Sun Xiansheng, Secretary General of the IEF, and Mr Neil Atkinson, Head of the Oil Industry and Markets Division at the IEA.
In his welcome remarks, Mr Barkindo said: “We come together at a time when it has been clearly shown that cooperation can have a huge impact, as displayed by the landmark Declaration of Cooperation more than one year in. This spirit of cooperation, as well as sharing perspectives and knowledge is an essential part of helping support market stability.”
Addressing participants, the Secretary General noted that “it has been quite rewarding to see that this Workshop has developed into a unique, high-level technical event that has been recognized by energy ministers at both the IEF’s Ministerial meeting in Algiers in 2016, as well as at the G20 Energy Ministers Meeting in Beijing that same year. This is certainly a testament to the importance of regular talks on this continuously evolving subject.”
Dr Sun underscored the important role the joint IEA-IEF-OPEC events play in enriching the dialogue between consumers and producers, noting that “enduring commitment to global dialogue that deepens foresight and strengthens energy security world-wide remains essential to all stakeholders.” He further observed that “dialogue between IEF government and industry stakeholders on globally shared policy goals, investment requirements, and market solutions is vital to global energy security – in a shifting energy landscape with more variable energy needs across regions.”
Mr Atkinson of the IEA noted that the “meeting is not the only way in which the three host organizations interact with the physical and financial markets. … His Excellency the Secretary General of OPEC has made great efforts on his own initiative to improve contacts between his organization and physical and financial market players, particularly in the context of understanding the rapid growth in US oil production.”
Discussions during the high-level one-day event were structured into five sessions focusing on the following key topics: Recent oil market volatility; Developments in oil market financing;; Financial oil market technology; Price formation for small crude streams and the Evolving crude trade flows.
The workshop is part of the trilateral work programme established by the IEA, IEF and OPEC, and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, held in March 2010. The ongoing fruitful collaboration between the three international organizations is aimed at further enhancing understanding of the interaction between physical and financial markets.
At the conclusion of today’s meeting, the three sponsoring organizations thanked participants for their active participation. Their engaging comments, and frank and open discussions on the complex and evolving issues at hand, helped further a common understanding among participants. They further expressed their commitment to the dialogue process – and said they looked forward to convening the next Joint Workshop scheduled to take place on March 19, 2019.
