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Under the Patronage of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah Prime Minister of the State of Kuwait CONFERENCE: 13 – 16 October 2019 EXHIBITION: 14 – 16 October 2019 KUWAIT INTERNATIONAL FAIR, MISHREF, KUWAIT CONFERENCE THEME: New Energy Transition: Delivering Value Through Collaboration and Capability HOSTED BY REGISTER ONLINE AT: KOGS-Expo.com SUPPORTED BY EXHIBITION ORGANISERS CONFERENCE ORGANISERS Consistency and continuity are key After a summer lull, the autumn energy meeting and opportunity to welcome the newly appointed Nigerian events calendar ramped up into full swing during Minister of State for Petroleum Resources, Timipre September. Two of the focal points were the World Sylva, to the OPEC family. This was Sylva’s first time Energy Congress (WEC) and the 16th Meeting of the attending a JMMC Meeting as Head of Nigeria’s OPEC OPEC-non-OPEC Joint Ministerial Monitoring Committee delegation. Commentary (JMMC), both of which were held in Abu Dhabi during At these and a host of other official and off-the-record the week of September 9–13. Then on September 14, bilateral meetings, there seemed to be one common the 5th Iraq Energy Forum was held in Baghdad. message or theme throughout: the importance of con- The OPEC Secretary General, Mohammad Sanusi sistency and continuity, and ensuring we do not lose Barkindo, was one of the busiest men in town that week, sight of the big picture. delivering major speeches, participating in high-level Naturally, change and uncertainty were in the air at panel discussions, speaking to the international media the week’s events, especially considering the current and holding countless bilateral meetings with OPEC and jittery oil market situation with mounting geopolitical non-OPEC leaders and officials. strife, softening demand and lagging trade disputes. The week started with a jolt, as the Secretary Despite this, however, the consistently reassuring General, upon his arrival in Abu Dhabi, received the and unified tone and messaging of the OPEC Secretary news of Saudi Arabia appointing HRH Prince Abdul Aziz General, the new Saudi Minister, and, of course, his Bin Salman as the new Minister of Energy. The Minister Russian counterpart in the ‘Declaration of Cooperation’, was appointed in time to attend the WEC and serve as Energy Minister Alexander Novak, helped provide the Chairman of the JMMC Meeting. market with a welcome sense of stability. Through his remarks and in personal meetings, the The official communiqué released during the JMMC Secretary General welcomed the new Saudi Minister press conference also heralded the need for steady, with open arms, while praising the lasting legacy of consistent and responsible actions to promote a lasting his predecessor Khalid A Al-Falih. stability in the oil market. In addressing the JMMC, Barkindo said of HRH “Despite this challenging backdrop [uncertainty], the Prince Abdul Aziz: “This is the first time we convene ‘Declaration of Cooperation’ partnership continues to under the chairmanship of His Royal Highness; a gen- serve as a beacon of dependability and consistency in tleman who for the past 32 years has consistently the global oil market, thereby providing reassurances been the face of the Kingdom of Saudi Arabia at OPEC, for producers, consumers and global economy.” representing the country in the best possible light; a As the week drew to a close, the work of the Secretary consummate diplomat, a skilled negotiator, an inspi- General was not yet complete. From Abu Dhabi, he rational leader, and a true oil industry expert.” boarded a plane to Baghdad for meetings with the Iraqi In speaking to the press, Prince Abdul Aziz said Saudi leadership and a speaking engagement at the 5th Iraq Arabia would continue working with its non-OPEC part- Energy Forum. In his remarks, he once again reinforced ners for balance and stability in the oil market, adding the value of maintaining a consistent and methodical that this unprecedented international energy coopera- approach in addressing current and future challenges. tion was “staying for the long term.” “With regard to market prospects in the immediate To the outgoing Minister Al-Falih, Barkindo said: term, market fundamentals remain solid,” he explained. “We are all conscious of the role which he played in “While challenges to global economic growth remain, making the ‘Declaration of Cooperation’ process a particularly within the sphere of trade-related tensions, resounding success. Everyone in the OPEC-plus family the ‘Declaration of Cooperation’ partners have repeat- owes him a debt of gratitude and the history books edly demonstrated, through words and deeds, their unwa- will judge him highly and favourably.” vering commitment to taking whatever action necessary In Abu Dhabi, the Secretary General also had the in pursuit of sustainable oil market stability.” 18 Iraq EnergyIraq Forum Contents 30 World Energy Congress 4 24th World Energy Congress takes place in Abu Dhabi JMMC 18 16th JMMC garners huge interest in Abu Dhabi 29 33rd Meeting of the Joint Technical Committee Iraq Energy Forum 30 OPEC Secretary General addresses 5th Iraq Energy Forum 38 OPEC Secretary General meets with Iraqi leadership 4 Leadership 42 HRH Prince Abdul Aziz Bin Salman and OPEC — a long history 44 Khalid A Al-Falih: three years of outstanding leadership Forum 46 OPEC Secretary General addresses APPEC 2019 Secretariat Visits 48 Ban Ki-moon visits OPEC Secretariat OPEC Workshops 52 The OPEC Secretariat holds inaugural technology workshops Spotlight 56 RAG Austria — ‘Well prepared for the future’ Focus on Member Countries 62 ADNOC: UAE’s energy giant reaches new heights Publishers OPEC Membership and aims OPEC OPEC is a permanent, intergovernmental Organization, Organization of the Petroleum Exporting Countries established in Baghdad, on September 10–14, 1960, by IR Helferstorferstraße 17 Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its objective — to coordinate and unify petroleum policies among its 1010 Vienna Member Countries, in order to secure a steady income to Austria the producing countries; an efficient, economic and regular Telephone: +43 1 211 12/0 OPEC bulletin OPEC supply of petroleum to consuming nations; and a fair return on Telefax: +43 1 216 4320 capital to those investing in the petroleum industry. Today, the Contact: Editor-in-Chief, OPEC Bulletin Organization comprises 14 Members: Libya joined in 1962; Fax: +43 1 211 12/5081 United Arab Emirates (Abu Dhabi, 1967); Algeria (1969); E-mail: [email protected] Nigeria (1971); Angola (2007); Equatorial Guinea (2017). Cover Website: www.opec.org Ecuador joined OPEC in 1973, suspended its Membership in This month’s cover shows the 24th World Energy 1992, and rejoined in 2007. Qatar joined in 1961 and left on Congress which took place in Abu Dhabi in December 31, 2018. Indonesia joined in 1962, suspended Website: www.opec.org September (see feature starting on page 4). its Membership on December 31, 2008, reactivated it on Visit the OPEC website for the latest news and January 1, 2016, but suspended its Membership again on information about the Organization, and for back December 31, 2016. Gabon joined in 1975 and left in 1995; issues of the OPEC Bulletin, which are available free it reactivated its Membership on July 1, 2016. The Republic Vol L, No 7, September 2019, ISSN 0474–6279 of charge in PDF format. of the Congo joined the Organization on June 22, 2018. Appointments 66 Saudi Arabia appoints new Minister of Energy Johannes Deutsch 67 Nigeria names new Minister of State for Petroleum Resources Newsline 68 Congo celebrates its first onshore discovery 68 Ecuador offers oil port and refinery tenders to private firms 69 Equatorial Guinea expands its natural gas portfolio 69 Iraq continues to sign new growth projects 70 Bill Gates tells FT divestment from fossil fuels is not the answer Arts & Life 72 The Persian leopard: Widening the preservation net 74 Abu Dhabi: Gateway to the racing world 56 OPEC Fund News 76 Wonderful WASH work Briefings 78 Visits to the OPEC Secretariat Reza Goudarzi Noticeboard 82 Oil industry events Market Review 85 Crude and product price movements 87 Review of global economic development OPEC Publications 93 Reading material about OPEC 72 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Chairman of the Editorial Board Mohammad Sanusi Barkindo the technical, financial and environmental aspects of Mohammad Sanusi Barkindo, Secretary General Director, Research Division Editor-in-Chief all stages of the energy industry, as well as research Hasan Hafidh, Head, PR & Information Department Dr Ayed S Al-Qahtani reports and project descriptions with supporting Editor Head, Data Services Department illustrations and photographs. Scott Laury Dr Adedapo Odulaja Associate Editors Head, PR & Information Department Editorial policy James Griffin, Maureen MacNeill, Hasan Hafidh Mathew Quinn, Timothy Spence The OPEC Bulletin is published by the OPEC Head, Finance & Human Resources Department Contributors Secretariat (Public Relations and Information Jose Luis Mora Ayman Almusallam Department). The contents do not necessarily reflect Head, Administration & IT Services Department Production Diana Lavnick Abdullah Alakhawand the official views of OPEC or its Member Countries. Names and boundaries on any maps should not be Design and layout Head, Energy Studies Department Carola Bayer, Tara Starnegg regarded as authoritative. The OPEC Secretariat shall Dr Abderrezak