BAKU, Azerbaijan, April 23. The 11th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets was held today at the OPEC Secretariat in Vienna, Trend reports via OPEC.
The high-level technical meeting brought together leading energy sector experts to discuss pressing issues affecting the global oil market.
The event was chaired by OPEC Secretary General, HE Haitham Al Ghais, along with HE Jassim Al Shirawi, Secretary General of the International Energy Forum (IEF), and Ms. Toril Bosoni, Head of the Oil Industry and Markets Division of the International Energy Agency (IEA).
Key discussion points at the workshop included recent developments contributing to oil market volatility, the dynamics of global oil trade flows, inter-regional arbitrages, and their impact on major crude benchmarks. Financing opportunities for sustaining oil and gas developments were also addressed, reflecting the need for long-term investment to ensure stability in the sector.
A central theme of the workshop was the growing need for investment in the oil industry. HE Haitham Al Ghais emphasized OPEC’s forecast, which indicates that the oil sector will require a cumulative investment of $17.4 trillion by 2050 to meet rising global demand and counter natural decline rates.
“OPEC has repeatedly called for greater investment in the oil industry,” said Al Ghais in his opening remarks. “All our actions and activities, especially under the umbrella of the Declaration of Cooperation (DoC), have been focused on facilitating an investment-enabling environment. This requires sustainable stability in the oil market,” he added.
The workshop underscored the importance of a stable and predictable investment environment, which is critical for addressing both the current challenges in oil production and the long-term energy needs of the global market.
Discussions also highlighted the evolving role of financial markets in supporting the energy sector. As the industry grapples with fluctuating market conditions, the need for coordinated efforts to ensure adequate financing for continued oil and gas exploration and development was stressed.