7th OPEC International Seminar concludes
The Organization of the Petroleum Exporting Countries (OPEC) concluded its 7th International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on 21 June 2018.
The two-day event was held on 20-21 June 2018 under the theme of “Petroleum – cooperation for a sustainable future” and attracted some of the leading figures in the international energy industry to discuss the most pressing issues of the day.
More than 950 participants from over 50 countries attended the event, which featured 81 high-level speakers, including more than 30 energy ministers from around the world and around 30 chief executives from oil companies and financial firms, as well as other leading representatives from international organizations and research institutions.
The Seminar’s two-day programme featured a wide array of insightful presentations and riveting panel discussions covering topics such as global energy futures; technology breakthroughs; the energy transition; oil industry challenges; investments; the global economy; and global oil market balance metrics.
The Seminar was officially kicked off at the Opening Ceremony. After scene-setting remarks by Harvard University Professor Meghan O’Sullivan, welcoming speeches were delivered by OPEC Secretary General, HE Mohammad Sanusi Barkindo; HE Suhail Mohamed Al Mazrouei, Minister of Energy and Industry, United Arab Emirates and President of the OPEC Conference; and HE Karin Kneissl, Minister for Europe, Integration and Foreign Affairs, Republic of Austria.
After this, the first day’s programme got underway, with sessions on Energy Cooperation, Technology Breakthroughs, Global Oil Market Metrics Balance and the Energy Transition.
The first day was capped off with a festive gala dinner held at Vienna’s opulent City Hall. With the participation of academics, ministers, officials and representatives from organizations and companies from across the energy world, the evening was marked by fellowship, entertainment, and heart-felt tributes to various distinguished guests. The 2018 OPEC Awards for Research and Journalism were also presented at the event to Mr. Bassam Fattouh for Research and Ms. Barbara Shook for Journalism.
The second day’s programme covered a wide range of topics through sessions on Global Oil Future Challenges, Investment in the Oil Industry, World Economy and the Future of Oil and a special conversation with HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources; and Daniel Yergin, Vice Chairman of IHS Markit.
The Closing Session featured wrap-up reflections from Harvard Professor Meghan O’Sullivan and closing remarks from the Secretary General, who emphasized the need for all stakeholders to continue working together through dialogue and cooperation.
“Reflecting on our discussions over this Seminar, one cannot help but conclude that the future success of this industry indeed lies in the 3 “c’s”: cooperation; cooperation and cooperation,” HE Barkindo proclaimed. “This is reflected in values that we in OPEC truly believe in. Openness, transparency, and respect for all nations and stakeholders.”