‘OPEC aims to stabilise market, reduce environmental impact’

The Secretary-General noted that ‘Inclusivity’ relates to ensuring all voices are heard in discussions on energy transitions, developing and developed countries, producers and consumers….reports Asian Lite News

Secretary-General of OPEC Haitham Al Ghais has reiterated the organisation’s keenness to stabilise the market, reduce the environmental footprint and move towards a “sustainable and comprehensive energy transition”.

During the welcoming speech at the 8th OPEC International Seminar in Vienna, Al Ghais said, “This is a seminar focused on the future – the future of our industry; the future of our planet. This forward-oriented outlook informs the theme of our Seminar, ‘Towards a Sustainable and Inclusive Energy Transition’.”

He added that the concept of ‘sustainability’ is essentially about balance, stating that “it relates to how we fulfil the needs of current generations without compromising the needs of future generations; while ensuring a balance between the three pillars of sustainability: economic viability, environmental protections and social equity.”

The Secretary-General noted that ‘Inclusivity’ relates to ensuring all voices are heard in discussions on energy transitions, developing and developed countries, producers and consumers. It means adhering to the principle of common but differentiated responsibilities. It means there is no ‘one-size-fits-all’ solution to the climate challenge; instead, there are multiple pathways to reach the goals of the Paris Agreement.

Al Ghais added that the theme of this Seminar looks to the future and “given that forward-facing orientation, I am delighted that we are joined by the architects of our world’s future: young people and students from across the globe. We encourage you to maximise the opportunity that this Seminar presents.”

He asserted the importance of oil in the global energy mix and the industry’s primary role in reducing carbon emissions, in addition to OPEC’s efforts to achieve market stability, reduce the environmental footprint, and move towards a “sustainable and comprehensive energy transition.”

“Of course, as an industry, we want an emissions-free future. Harnessing technologies that can do this will be one of the predominant themes of this Seminar,” he added.

Antonio Oburu Ondo, Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea and President of the OPEC Seminar, spoke highly of the 2023 edition of the event.

“The 2023 edition is truly a prestigious event, with so many ministers from both producing and consuming countries, so many other distinguished and high-level speakers, the leaders of tomorrow, and hundreds more delegates from all over the world,” Ondo said.

He added that the seminar is part of OPEC’s continuous efforts to promote dialogue and cooperation with all industry stakeholders. “I have no doubt that the next two days of the OPEC International Seminar will add to the long history of this palace,” he said.

Ondo also stated that the seminar will examine and discuss the main challenges and opportunities facing the oil industry today and in the decades to come. “This is a critical topic, and I am grateful to all of you for coming together to discuss it,” he said.

The OPEC International Seminar is a two-day event that brings together government officials, industry leaders, and experts to discuss the future of the oil industry. The seminar is being held from July 5-6, 2023.

Energy ministers reiterate market stability

The oil and energy ministers of the OPEC met on the sidelines of the seminar. During the meeting, the ministers took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC counterparts, through already put in place mechanisms including JMMC and ONOMM meetings, in their continued efforts to support a stable and balanced oil market.

The ministers also expressed their appreciation to the Kingdom of Saudi Arabia for extending its 1 million barrels per day voluntary cut for the month of August. They also thanked the Russian Federation for its additional voluntary reduction of exports by 500,000 barrels per day and Algeria for its additional voluntary cut of 20,000 barrels per day for the month of August 2023.

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