OPEC: Third High-Level Meeting of the OPEC-GECF Energy Dialogue

The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) held the third High-Level Meeting of the OPEC-GECF Energy Dialogue, on 10 October 2022, at the OPEC Secretariat in Vienna, Austria.
The Meeting was co-chaired by HE Haitham Al Ghais, OPEC Secretary General and HE Eng. Mohamed Hamel, GECF Secretary General. It noted the progress that has been achieved since the signing of the Memorandum of Understanding between OPEC and the GECF in October 2019. The two Organizations have intensified cooperation across a range of areas over the last three years, for example, both organizations now contribute to each other’s flagship publications — the World Oil Outlook (WOO) and Global Gas Outlook (GGO)— on a reciprocal basis.

“Our cooperation with the GECF is an utmost priority for OPEC. It is consistent with the ethos of all our energy dialogues, as all parties benefit from constructive dialogue, open and transparent use of data and the exchange of best-practices,” said HE Haitham Al Ghais in his opening address. HE Al Ghais added that “Meeting the world’s growing demand for energy; correcting public misperceptions about the oil and gas industry; reducing energy poverty: none of these issues can be tackled by any one organization acting on its own. They require cooperation, openness and dialogue.”

In his remarks, HE Eng. Hamel highlighted that “One of the key issues for the global oil and gas industry remains the underinvestment, which started in 2015.” HE Eng. Hamel added that “Both our organizations also share a lot of ground on the environmental agenda”.

The Secretaries General emphasized that the oil and gas industry has an important role to play in a just and inclusive energy transition and support the need to reduce emissions, bolster efficiency and embrace innovation. Events in 2022 have underscored the importance of ensuring that there is an investment friendly climate for the industry.

The Meeting highlighted the importance of data and knowledge exchange, which contributes to improved accuracy of dataflow. Going forward, the two Organizations will intensify participation in yearly data and statistically focused meetings. They will continue to engage under the Joint Organizations Data Initiative (JODI).

The Meeting resolved to continue and strengthen cooperation; increase knowledge sharing by participating in each other’s events; and work together on environmental matters in the build-up to the 27th Conference of the Parties of the UNFCCC (COP27) to be held in Sharm El-Sheikh, Egypt.

OPEC and GECF have common Member Countries and common values. Algeria, Equatorial Guinea, IR Iran, Libya, Nigeria and Venezuela are members of both. OPEC Member Countries Angola, Iraq and the United Arab Emirates are GECF Observers.

The leaders agreed to hold the next High-Level Meeting of the OPEC-GECF Energy Dialogue in 2023.