OPEC - Organization of the Petroleum Exporting Countries

10/27/2020 | Press release | Distributed by Public on 10/27/2020 09:20

14th High-Level Meeting of the EU-OPEC Energy Dialogue

[Joint Press Release] The fourteenth high-level meeting of the energy dialogue between the European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC), hosted by OPEC, took place via videoconference on 27 October 2020.

The OPEC delegation was led by HE Mohammad Sanusi Barkindo, Secretary General of OPEC. The EU delegation was headed by HE Kadri Simson, Commissioner for Energy at the European Commission.

Both parties emphasized the key importance of the open exchanges between OPEC and the EU, especially in times of unprecedented developments in the energy markets coupled with the ongoing COVID-19 pandemic. Looking ahead, and considering the longer-term challenge of climate change, both the EU and OPEC agreed that the dialogue should remain a priority of both parties.

Both the EU and OPEC recognized the harmful economic effects of excessive oil price volatility and stressed the importance of open, transparent and stable markets in ensuring predictable demand and security of supply as well as sustainable economic growth. Both sides also highlighted the need for adequate and timely investments to ensure lasting, sustainable recovery.

OPEC emphasized that the historic and bold actions taken by its Members, in conjunction with its partners in the Declaration of Cooperation, which led to the largest and longest production adjustments ever, prevented an even greater shock to oil and energy markets, and set them on a path to sustainable recovery, following severe COVID-19 impacts on energy demand.

The EU side, in turn, emphasized the effectiveness of market-based solutions and stressed the resilience demonstrated by the EU energy system as the COVID-19 pandemic unfolded, with no major security of supply issues arising. The EU emphasized that the post-COVID-19 economic recovery and the transition to a sustainable, socially just, resilient and climate neutral economy can and should go hand in hand, and reconfirmed its commitment to a green, digital and resilient recovery.

Both the EU and OPEC acknowledged the importance of the Energy Dialogue and recommended the enhancement of initiatives in global fora and relevant international energy organizations to promote cooperation and mutual understanding of the drivers and dynamics of energy markets, including through improved data and increased data transparency.

Ahead of the High-Level Meeting, experts from both OPEC and the EU Commission held a Technical Meeting to discuss matters of mutual interest and importance in the energy sphere. Some potential future activities of the EU-OPEC Energy Dialogue were also considered.

The Meeting was seen as a continuation of the well-established EU-OPEC Energy Dialogue with both parties expressing their strong commitment to enhancing cooperation. It was agreed that the next High-Level Meeting of the EU-OPEC Energy Dialogue will take place in 2021, if possible in person, and will be hosted by the EU in Brussels.