RIYADH: Dialogue and collaboration are essential for sustainable market stability, benefiting consumers and producers and supporting the global economy, according to OPEC’s secretary general.
These remarks were made during the 15th International Energy Agency-International Energy Forum-OPEC Symposium on Energy Outlooks, held on Feb. 19 at the King Abdullah Petroleum Studies and Research Center in Riyadh, where global leaders, policymakers, and industry experts gathered to discuss critical developments in the sector.
Held under the patronage of Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman, the annual symposium has established itself as a key platform for fostering producer-consumer dialogue.
Haitham Al-Ghais, secretary general of OPEC, expressed his gratitude to the Kingdom’s energy minister for his continued support, emphasizing the importance of global energy cooperation.
The symposium featured in-depth discussions on pressing energy challenges, including shifting geopolitical and economic dynamics, market volatility, and the widening gap between varying energy outlooks.
Experts from leading organizations examined the findings of the IEA, OPEC, and EIA energy outlook reports, analyzing their implications for energy security, market stability, and sustainability.
A key focus of the discussions was the medium-term impact of the energy transition, with panelists assessing the opportunities and risks associated with shifting global energy consumption patterns, the integration of renewables, and the increasing demand for critical raw materials.
The event also addressed long-term energy perspectives, exploring how producers and consumers can balance technological advancements with their shared dependencies.
Industry leaders debated strategies for scaling carbon abatement solutions and advancing clean initiatives while maintaining energy security and economic stability.
The discussions underscored the importance of continued investment in traditional and emerging energy sources to ensure an orderly and equitable transition.
As part of a broader collaboration initiated under the Cancun Declaration of 2010, the symposium serves as a critical forum for aligning international strategies.
This year’s event builds on a tradition of collaboration among the three organizations established under the 2010 Cancun Declaration. It aims to address key energy challenges, foster producer-consumer dialogue, and support global energy stability.
The event follows the success of the 14th edition, which took place in Riyadh on Feb. 21, 2024, and focused on the importance of dialogue amid market volatility.
