Source: Organization of the Petroleum Exporting Countries – OPEC
Vienna, Austria, 22 September 2020–The Economic Commission Board (ECB) of OPEC has commenced its 20th Special Meeting via videoconference.
The Board is conducting a thorough technical review of the World Oil Outlook 2020, in light of recent global economic and energy markets’ dynamics, including the COVID-19 pandemic challenge, as well as energy policy and technological future developments.
The ECB is the Organization’s economic and technical think-tank and its membership is made of the Secretary General as the Chairman, the National Representatives of Member Countries as Members and the Director of Research Division as the Board’s Coordinator.
In his opening remarks, HE Mohammad Sanusi Barkindo, OPEC Secretary General, addressed the COVID-19 pandemic and its far-reaching effects.
The meeting will focus on reviewing numerous studies, including the World Oil Outlook (WOO) 2020, which is considered as one of the Organization’s flagship publications.
The Secretary General commended the remarkable efforts undertaken by the Secretariat to further advance this year’s edition of the World Oil Outlook, adding that with the new features, the WOO 2020 is a unique industry reference, published in our 60th Anniversary year, making it the most important WOO in our history.
Mr Barkindo pointed out that, “the time horizon of this year’s Outlook was extended to 2045”, which will allow the flagship publication to widen its coverage of new policies, emerging trends and technological developments, as well as to improve its understanding of consumer preferences. He added that projecting future oil demand and the energy mix is never an easy task given the inherent uncertainties that surround the oil industry. However, preparing a long-term outlook in the midst of a global pandemic is much more than just challenging.
The launch of the World Oil Outlook 2020 is scheduled to take place on 8 October 2020. More details will be provided in due course.