3rd Joint IEA-IEF-OPEC Technical Meeting

Posted On April 30th, 2019 - 11:21 am | by Oil and gas press

The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) met today at the OPEC Secretariat in Vienna, Austria, to participate in the 3rd Joint IEA-IEF-OPEC Technical Meeting on the Interactions between Physical and Financial Energy Markets.

The Technical Meeting is part of the trilateral work programme established by the IEA, IEF and OPEC, and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, held in March 2010. In addition to the 6 Joint Workshops held over the years, the Joint Technical Meeting represents the 9th event in this ongoing dialogue.

The high-level meeting was chaired by OPEC Secretary General, HE Mr. Mohammad Sanusi Barkindo, together with HE Dr. Sun Xiansheng, Secretary General of the IEF, and Mr. Neil Atkinson, Head of the Oil Industry and Markets Division at the IEA.

In his welcoming remarks, HE Mr. Barkindo said: “The three organizations represented here today are prime examples of the powerful benefits that the strengthening consumer-producer dialogue continue to bring to the global energy markets.” The Secretary General also noted that the dynamics and functioning of the oil market continue to evolve on a daily basis, with the increased financialization of the oil market exposing the physical oil market to increased levels of speculative activity and volatility.

Source / More : OPEC

oilandgas

The price of OPEC basket of fourteen crudes stood at $71.07 a barrel on  Monday, 29 April 2019, compared with $72.38 the previous Friday, according to OPEC Secretariat calculations.

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