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14 Feb 2017

OPEC Secretary General Mohammad Sanusi Barkindo visits Saudi Aramco

OPEC Secretary General, HE Mohammad Sanusi Barkindo, met with Amin Nasser, President and Chief Executive Officer and other senior officials of Saudi Aramco, the world’s largest oil and gas company, at a meeting yesterday in Dhahran, Saudi Arabia.

Mr. Nasser welcomed the Secretary General and his accompanying delegation, and expressed appreciation for the recent work done in support of oil market stability.  He also acknowledged the positive role that OPEC has continued to play worldwide, particularly during recent negotiations with other energy stakeholders in efforts to restore stability to the oil market on a sustainable basis.

The Secretary General thanked Mr. Nasser for organizing the visit to Saudi Aramco’s headquarters, and lauded the company’s many achievements. These are an important source of pride, he said, both for OPEC and Saudi Arabia.  HE Mohammad Barkindo also praised the high performance of the company’s staff and their professionalism.

The Secretary General also lauded plans recently adopted by Aramco to develop its manpower.  “I am very impressed by the level of investment you have made in human capital,” said HE Mohammad Barkindo.

HE Mohammad Barkindo briefed Mr. Nasser and senior Aramco officials on the oil market condition, and provided an overview of last year’s landmark decisions, and their role in rebalancing the market.  These included the Vienna Agreement, reached during the 171st Meeting of the Conference on 30th November, and the subsequent Declaration of Cooperation between OPEC and non-OPEC oil producers, which was reached on 10th December.

The meeting with Mr. Nasser was also an opportunity for OPEC officials to exchange data and share their models and analysis with company officials.  In addition, company officials gave a detailed presentation titled “Saudi Aramco and Technology Overview”, focusing on some of the company’s recent work, to the visiting OPEC delegation.

The Secretary General and the OPEC delegation were also taken on a tour of various departments and research divisions within Saudi Aramco.  These visits included Oil Supply Planning & Scheduling, the Exploration & Petroleum Engineering Center and the Upstream Development Center.  The OPEC delegation also attended technical presentations – on “Upstream Challenges and Solutions” and other research activities – during each of these visits.

In the afternoon, the Secretary General and the OPEC delegation met with Saudi Aramco’s Corporate Planning Management division for a broad, high-level exchange of outlooks.

The OPEC delegation gave a presentation on the long-term outlook for the market, based on the recent findings in its World Oil Outlook of 2016.  OPEC researchers also delivered a presentation on the short-term oil market prospects.  Aramco officials, in turn, gave a presentation on the challenges facing future energy markets and explained some of the forecasting methodologies the company uses in its analysis.

In his final remarks before departure, the Secretary General expressed his deep appreciation for the continuing support provided by Saudi Aramco to OPEC and its Secretariat.