VIENNA: The Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency and the International Energy Forum stressed on Wednesday the importance of supporting the stability of global energy markets in light of the changes.
The statement was issued in a joint press release by the OPEC media department at the conclusion of the tenth joint workshop between the organization, the International Energy Agency and the International Energy Forum on energy market interactions.
The high-level technical workshop was held in the OPEC headquarters in which representatives of the three international organizations, headed by the Director of the Research Department at OPEC, Ayed Al-Qahtani, the Director of the Energy Dialogue at the International Energy Forum, Christoph van Agt Roos, and the Special Advisor to OPEC, Joel Coase attended.
The statement quoted Al-Qahtani as saying, "The latest forecasts estimate Cumulative oil-related investment requirements between now and 2045 stand at about $14 trillion, or about $610 billion on average annually. He added that this huge spending will be necessary to meet global demand for oil, which is expected to reach 116 million barrels per day by 2045. Pointing out that this matter should be a top priority in the industry "if we want to maintain security of supplies and avoid unwanted fluctuations in the coming years.”
Ross said that "although the financial links to energy markets have become better understood and more transparent, they require analysis and continue to support the stability of global energy markets in a rapidly changing world.” — AFP