OPEC and WEF discuss enhancing cooperation

The Organization of the Petroleum Export Countries (OPEC) and the World Economic Forum (WEF) today held a bilateral meeting to explore possible avenues of cooperation and strengthen dialogue between the two Organizations.

The meeting was attended by HE Mohammad Sanusi Barkindo, OPEC Secretary General, and Pedro Gómez, WEF’s Head of Oil and Gas, along with senior delegates from both Organizations.

The WEF team briefed the Secretary General on the WEF/International Business Council (IBC) led initiative on ‘Measuring Stakeholder Capitalism.’ Furthermore, two additional Oil and Gas Community workstreams on ‘Resource Sharing Hubs’ and ‘Data Exchange in Oil and Gas’ were discussed.

The Secretary General recognised the importance of the WEF as a leading global stage, where leaders, officials, and CEOs come together to address key issues relevant to the world economy and the energy industry.

“This event provided a platform that was novel, indeed revolutionary, at the time,” Barkindo recalled the founding of the Forum, adding that it allowed representatives from the private and public sectors to engage and dialogue.

Highlighting the robust ties between OPEC and the Forum, the Secretary General stated: “The relationship between OPEC and the WEF is based on shared values, namely, a commitment to stakeholder-ism, collaboration and international dialogue.”

In this context, the Secretary General explained the importance of cooperation in addressing the global COVID-19 pandemic and its devastating effects through the success of the historic ‘Declaration of Cooperation’ (DoC).

“This unique platform proved invaluable, as OPEC, together with 10 non-OPEC oil producing countries, undertook the largest output adjustments in the history of the oil industry in order to counter the unprecedented demand contraction caused by the pandemic,” Barkindo said, noting, “The complexities of our modern world, especially in the energy sphere, means that no single stakeholder possesses all of the answers. It is only through working together that we can surmount the challenges of our age.”