VIENNA, Austria – The final two months of 2024 saw a number of important events take place for OPEC Member Countries and non-OPEC countries participating in the Declaration of Cooperation (DoC).
The first took place in Baku, Azerbaijan, with the COP29 climate change meeting held from 11 to 22 November. It was an opportunity to recall how almost 180 years on from the birth of the oil industry in Baku, petroleum and petroleum-derived products continue to shape how we heat and cool our homes, construct our buildings, package food, undertake medical research and transport ourselves from ‘a’ to ‘b.’
Speaking at the event, Haitham Al Ghais, OPEC secretary general, said that it was important to recognize that the focus of the Paris Agreement is on reducing emissions, not selecting energy sources. In reflecting on the great challenge of our age, he noted, it is vital “to ensure and expand energy accessibility, meet rising energy demand, improve energy security and maintain energy affordability, while reducing global emissions.”
He added that “what is clear is that no ‘one-size-fits-all’ prescription can overcome our climate and energy challenges. Inclusive dialogue and international cooperation, just as our Azerbaijani hosts have adopted, will be necessary as together we work towards building a sustainable future for all.”
The second event took place virtually, with the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM), as well as an additional meeting on the sidelines among eight nations in the DoC group, held on 5 December.
In line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by the DoC, the decisions taken were focused on helping achieve and sustain a stable oil market and provide long-term guidance and transparency for the market. The decisions can be found on the OPEC website.
Many of the issues inherent in the events highlighted will also be of vital importance as we head into 2025 and given the Secretariat’s agenda for the coming year.
From 9 and 10 July, the 9th OPEC International Seminar is set to take place at the beautiful Hofburg Palace in Vienna. Held under the theme ‘Charting pathways together: the future of global energy’, the event is regarded as one of the premier events in the energy industry and brings together high-level speakers from across the world.
- OPEC Bulletin – November-December 2024 – OPEC-OB7_82024_website
The event will look to shine a spotlight on the global energy agenda and its most pressing challenges and opportunities, including energy security, technological innovation, environmental issues, future energy pathways, investments, energy poverty alleviation and energy policies. It is a means to help expand networks and build bridges for future dialogue and cooperation.
The latter has been front and centre of OPEC’s approach in the past, is pivotal to its work today, and will no doubt be essential in the future. This will also be on display in two other key milestones for the Organization in 2025. The first is that the year will mark 60 years of the Secretariat being located in Vienna and the second is OPEC turning 65.
These events will enable us to reflect upon the very special relationship the Organization has built with our host city, and indeed, our host country, Austria, and celebrate OPEC’s long history, a 65-year journey that has seen it become an established part of the international energy community and multilateral system.
With a successful 2024 almost in the rear-view mirror, the Organization is looking forward to an exciting and productive 2025!
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