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16 Nov 2021

OPEC presents its World Oil Outlook 2021 at ADIPEC

Abu Dhabi, United Arab Emirates, 16 November 2021--The Organization of the Petroleum Exporting Countries (OPEC) today held a special session to present the 15th edition of its World Oil Outlook (WOO), as part of the Organization’s participation at ADIPEC 2021 in Abu Dhabi, United Arab Emirates (UAE).

Under the patronage of HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, ADIPEC is taking place from 15 to 18 November 2021 under the theme ‘Unlocking new value opportunities in the energy system.’

First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries, offering a thorough assessment of various scenarios in the medium- and long-term development of the oil industry. It also provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies, the environment and sustainable development, as well as many of the challenges and opportunities facing the global oil industry. The 2021 edition examines the period until 2045.

In his introductory remarks, the Secretary General thanked ADIPEC’s organizers for the opportunity to present one of OPEC’s annual flagship publications. He recalled that five years ago, the OPEC Secretariat decided to launch the WOO for the first time outside of Vienna and this was the venue it chose to hold the milestone event.

“It could not have been a wiser choice. The event proved a great success, with ADIPEC, Abu Dhabi and the UAE providing an excellent platform, with high-level attendees and great opportunities for discussion and debate,” he added.

On this year’s edition, Barkindo stated: “The WOO 2021 again underscores the seismic changes that the world has undergone as a result of the COVID-19 pandemic. It has continued to upend the world over the past year, with the spread of new variants, particularly the Delta one,” adding, “It is clear, however, that the vaccination rollout in 2021, alongside huge fiscal and infrastructure packages totaling around $24 trillion, has put the global economy on the road to recovery.”

The Secretary General outlined the key takeaways from this year’s WOO. He noted global energy demand is forecast to expand by 28 per cent, driven by global economic growth and population expansion, as well as the need to expand access to modern energy services for those billions who continue to go without.

Barkindo highlighted that oil is expected to retain its number one position in the global energy mix and provide 28 per cent of the world’s energy needs by 2045. He also noted that renewable energy is projected to experience the largest growth, rising from around two per cent to over 10 per cent by 2045.

The Secretary General additionally underscored the importance of investment and the right enabling environment to ensure that supply meets demand. “Let me stress that the return of investments is a core objective of the Declaration of Cooperation (DoC)”, he emphasized, and added that “any talk of the oil and gas industries being consigned to the past and of the need to halt new investments in oil and gas is wrong-headed.”

He stated that the outlook is not about making predictions, and no-one has a crystal ball. “The Outlook should be viewed as a helpful and insightful reference tool, one that underscores the Organization’s commitment to knowledge sharing and data transparency.”

The session saw the participation of a number of panelists, including Dr Ayed Al-Qahtani, Director of OPEC’s Research Division, and Dr Abderrezak Benyoucef, Head of the Energy Studies Department at the OPEC Secretariat.

A short video summarizing the key messages of the WOO 2021 was screened during the session.

As part of OPEC’s participation in ADIPEC 2021, the Secretary General will engage in an interactive dialogue with young students tomorrow, 17 November 2021.