Organization of Arab Petroleum Exporting Countries
Volume 40 Issue 5
17
OAPEC Activities
The 14
th
International Energy Forum (IEF-2014)
concluded with a final communiqué highlighting a
number of issues relevant to the global energy and
oil industry. It has mentioned that the supply and
demand mechanism will continue to be a causal
factor for market instability and national energy
policies. The final communiqué expects that the
demand for oil will range between 90 million and
110 million b/d in 2035.
It calls for closer coordination and dialogue
between energy policymakers and heads of energy
companies in order to keep abreast with the
developments in the global market in the coming
decade.
It noted that the rising status of the alternative
energies leads to faster technological innovations,
safer energy and more thriving market. In this
connection, the document urged keeping the
manipulation of alternative energy resources in
tune with the environmental requirements and
the sustainability of the strategic reserves of the
conventional energies.
The growing reliance on liquefied natural
gas (LNG) could change the power balance
on the global energy market, the statement
said, noting that long-term contracts play a key
role in guaranteeing the stability of the energy
market and investments in the energy industry.
The communiqué called on states to support the
initiatives and projects in the renewable energy
sector, notably the solar and wind energies, and
make better use of the technological innovations
and the IT. It affirmed the need for having financial
mechanisms to enable accessing clean energy
resources and improving them.
The 14
th
International Energy Forum
(IEF-2014)- Final Communiqué
Kuwait’s Minister of Oil and State
Minister for National Assembly Affairs
HE Dr Ali Saleh Al Omair
The Minister has stressed the
importance of dialogue between the
oil producing and oil consuming
countries within the framework
of the IEF in order to bolster
cooperation
amongst
main
players in the oil market, enhance
transparency and reduce fluctuation
risks in international markets.
HEAl Omair has added that Kuwait
is interested in expanding its oil and
gas exports to the Asian oil market.
He clarified that Kuwait was ready
to handle all challenges imposed by
international markets variables. He
has highlighted that Kuwait intends
to produce 4mb/d until 2020 and
stressed that Kuwait is committed
to energy security.
He has explained that the Asian
region receives around 75 percent
of Kuwaiti oil exports. He stressed
that his country was willing to
further expand cooperation with the
Asian oil market.
