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05 Nov 2019

OPEC's World Oil Outlook 2019 launched in Vienna

The 2019 OPEC World Oil Outlook (WOO) was launched today at the Wiener Börsensäle in Vienna, Austria. The 13th edition of the WOO presents an in-depth review of the OPEC Secretariat’s medium- to long-term projections and assessment for the global oil and energy industry.

This includes analysis of the industry’s various linkages and its shifting dynamics, providing insights into energy and oil demand, oil supply and refining, the global economy, policy and technology developments, demographic trends, environmental issues and sustainable development.

In the foreword to the publication, His Excellency Mohammad Sanusi Barkindo, OPEC Secretary General said: “With OPEC’s landmark 60th Anniversary taking place in 2020, the WOO 2019 helps establish a platform for discussion in the coming year by laying out possible future oil and energy paths. This year’s WOO once again highlights the industry’s challenges, as well as its opportunities, and underscores the vital requirements for a serious and thorough evaluation of all the factors, drivers and risks to our common long-term energy future.”

This year’s WOO launch is sponsored by Austrian oil and gas company, OMV, with Rainer Seele, Chief Executive Officer speaking at the launch. Seele said: “OMV highly appreciates the close dialogue with OPEC, both of us based in the world’s energy capital Vienna. OPEC’s World Oil Outlook 2019 is an excellent research-piece of high quality, reflecting OPEC’s deep understanding of the realities and drivers in the global oil industry. OMV, in close partnership with national oil companies from various OPEC countries, values OPEC’s efforts in balancing the global oil market.”

It is important to reiterate that the Outlook is not about making predictions. The WOO should be viewed as a helpful and insightful reference tool, one that underscores the Organization’s commitment to data transparency. It also emphasizes OPEC’s focus on the enhancement of dialogue and cooperation, most recently through the historic ‘Declaration of Cooperation’ and the recently endorsed ‘Charter of Cooperation’ between 24 OPEC and non-OPEC producers, as a means to help secure a sound and stable oil industry.

The WOO 2019 can also be accessed on two digital interfaces, the OPEC WOO App and a comprehensive interactive version, which can be accessed at woo.opec.org

Some specific highlights from this year’s WOO include: