News

17 May 2018

OPEC Secretary General to Participate in Transformations in the Energy Sector Session at SPIEF 2018

Mohammed Sanusi Barkindo, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), will take part in the Transformations in the Energy Sector panel session, which is scheduled for 25 May at the St. Petersburg International Economic Forum. 

This discussion will focus on the growing transformations of the world economy and the role of energy in this process. The revolution in cooperation between business and consumers means we all need to either adapt or hopelessly fall behind.  Meanwhile, the importance of energy sector in global economy is on the rise: a significant part of the global GDP is achieved through involving new consumers and the service sector, which presumes available and secure energy supply. The source is not that important anymore. What matters is its competitive performance and availability, since energy is consumed in the form of electricity. The choice between the socket and the gas station becomes more pressing and has a direct impact on long-term solutions in the fuel and energy sector.

Mohammed Barkindo, together with Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden, BP Chief Executive Officer Bob Dudley and IHS Markit Vice Chairman Daniel Yergin will discuss ways to reduce uncertainty and ensure sufficient fuel and energy sector attractiveness for investors, in order to avoid volatility in the future, while maintaining the guaranteed energy supply of the world economy in 20 years from now. Alexander Novak, Acting Energy Minister of the Russian Federation, will also attend the panel session. CNN’s Emerging Markets Editor John Defterios will moderate the session.

 “Cooperation with the Organization of Petroleum Exporting Countries is of great importance to us. Tough times of the global economic crisis call for joint efforts to improve the market situation. The session at the St. Petersburg International Economic Forum will help find solutions for existing challenges,” said Alexander Novak.

The issues of further development of the energy sector as well as international cooperation in this sphere will be discussed at a number of key sessions of the upcoming International Forum Russian Energy Week that will take place in Moscow on 3–6 October 2018.