Opec’s seminar to address most pressing energy issues

The Organisation of the Petroleum Exporting Countries (Opec) will host the 9th Opec International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on 9-10 July 2025, under the theme “Chartering Pathways Together: The Future of Global Energy”.

The Opec International Seminar is regarded as one of the premier events in the energy industry. It fosters dialogue and cooperation among industry stakeholders by facilitating open and candid discussions on topical issues affecting the petroleum and energy sectors.

Participants customarily include Ministers from Opec Member Countries, countries participating in the Declaration of Cooperation, and other energy producing and consuming nations, as well as heads of international organisations, executives of energy companies and financial institutions, along with other industry leaders, policymakers, experts, members of academia and journalists.

Opec Secretary General, Haitham Al Ghais, stated, “The Opec International Seminar has gained a global recognition due to its outstanding record for the calibre of speakers and participants and the quality of discussions that address the most pressing issues related to the energy industry. We look froward to welcoming all our guests to Vienna in July 2025 for what will be an engaging and exceptional event.” The 9th OPEC International Seminar will examine a broad range of topics related to the energy and petroleum industries, including energy security, energy transitions, technology and innovation, sustainable development and the world economy.

The previous (8th) International Seminar, which was held in July 2023 in Vienna under the theme “Towards a Sustainable and Inclusive Energy Transition,” attracted a record number of participants. The two-day event was attended by more than 1,000 participants, including 17 Ministers from OPEC Member Countries and non-Opec countries, 18 CEOs, 13 heads of international organisations and 89 journalists.

Last week, the UAE has chaired the 45th annual session of the Opec Fund Ministerial Council held in Vienna, Austria. During the meeting, council members discussed the annual report for 2023, as well as the latest developments and progress of the Fund’s projects and initiatives.

Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, headed the UAE delegation. He was accompanied by Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations at the UAE Ministry of Finance and Opec Fund Governing Board Representative, and Hammad Essa Al-Zaabi, Director of the Minister’s Office at the UAE Ministry of Finance and Opec Fund Alternate Governing Board Representative.

Mohamed Al Hussaini expressed his gratitude to the outgoing Chairman for his leadership over the past year and congratulated the President of the Opec Fund for the achievements recorded in 2023.

Al Hussaini said: “I believe this was accomplished with the support and guidance of the governing board as well as the hard work of the management and staff of the OPEC Fund. As the Fund strives for greater impact this year, I am confident it will surpass the achievements of the previous year with the support and guidance of the governing board and this Council.”

The session covered a comprehensive agenda, which included the election of the His Excellency Al Hussaini as Chairperson, and the Minister of People’s Power of Economy and Finances of the Bolivarian Republic of Venezuela as Vice-Chairperson. The organisation’s 2023 annual report and financial statements were presented, information was shared on the OPEC Fund Strategic Framework 2030-Mid Term Review, and a date and venue were set for the 2025 Ministerial Council meeting, among other matters.

During the tenure of Mohamed Hadi Al Husseini as Chairperson of the Opec Fund for International Development, from June 2024 until the next meeting of the Ministerial Council in 2025, work will be carried out in coordination with the Fund’s governing board and members of the Ministerial Council, to facilitate the work of the Council, follow up on all topics that will be presented, and take all decisions regarding them. This reflects the UAE’s leading international status, and its role in supporting sustainable development efforts around the world.

The Opec Fund for International Development was established in 1976. It works in cooperation with the Organization of the Petroleum Exporting Countries (OPEC) and developing country partners and the international development community, to stimulate economic growth and social progress in low- and middle-income countries around the world.

It focuses on projects addressing essential needs such as food, energy, infrastructure, employment, clean water and sanitation, healthcare, and education. It has committed about US$27 billion to development projects in over 125 countries, with a total project cost exceeding $200 billion.

Separately, the a recent data from the Organisation of the Petroleum Exporting Countries (Opec) shows that the UAE continued to demonstrate growth in its non-oil sectors, registering a 6.7 percent expansion, y-o-y, in Q4, 23, up from 5.8 percent in Q3, 23.

In its Monthly Oil Market Report (MOMR) for June 2024, Opec says that the construction growth accelerated to 8.4percent in Q4, 23 from 8.0 percent in Q3, 23, while overall growth reached 6.4 per cent from 2.6 percent during the same period. Key services segments also experienced growth. Financial and insurance activities grew by 17.6 percent, y-o-y, in Q4, 23, up from 11.8 per cent in 3Q23.

Data from the Dubai Department of Economy and Tourism shows that 2023 was a record year for tourism in the emirate, with the number of international visitors up 19.4 percent from 2022, surpassing 2019 levels. Early indicators for 2024 point to another strong year in the tourism sector in Dubai, with the number of visitors in 1Q24 up by 11percent, y-o-y.

The Opec report referred that S&P Global’s PMI for the UAE indicated that this ongoing growth, particularly in the manufacturing sector, was supported by a 51percent increase in the issuance of new industrial licences in 2023.

Opec on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower-than-expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year.

The Opec, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

Opec’s report is the latest to flag robust oil market conditions heading into the second half of the year. Oil rose 3% on Monday after Goldman Sachs said transport demand would push the market into a third-quarter deficit.

Opec said steady global economic growth has continued in the first half of 2024 and forecast that world oil demand would rise by 2.3 million bpd in the second half.

“Globally, the services sector maintains a stable momentum,” Opec said.

“It is projected to be the main contributor to the economic growth dynamic in the second half of 2024, particularly supported by travel and tourism, with a consequent positive impact on oil demand.” Opec+, which groups Opec and allies such as Russia, has implemented a series of output cuts since late 2022 to support the market. The group agreed on June 2 to extend the latest cut of 2.2 million bpd until the end of September and gradually phase it out from October.

WAM