Closing Remarks by OPEC Secretary General

Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 3rd High-Level Meeting of the OPEC-China Energy Dialogue, 21 October 2019, Vienna, Austria.

Distinguished guests, colleagues, ladies and gentlemen,

I want to express my deep and sincere thanks for your participation in this meeting, which marks another milestone in OPEC-China relations. It is with deepest respect and admiration for our esteemed guests that I can conclude that our mutual sharing has deepened understanding on both sides.

Our growing partnership represents a win-win situation not only for us, but for the entire oil market and global economy. I cannot emphasize enough the importance of our dialogue in shaping future decisions on production as well as investment.

I thank you for the considered information you have shared with us today. We add this to the valuable arsenal of facts we received from your colleagues from the Chinese Academy of Social Sciences just a few days ago here at the OPEC Secretariat.

Your country has one of the oldest and most established cultures in the world and has overcome hardship time and again. The rapid development seen in China over the past few decades is nothing short of remarkable and is a testament to your country’s creativity, hard work and determination. We hope that we will continue on a broader and ever more intensive scale to share with you and learn from you and the deep and wide experience of your esteemed colleagues going forward.

In order for us to continue to do our job well at OPEC — balancing the oil market for the benefit of producers, consumers, the world economy and the future development of mankind — we need timely and reliable data and statistics. This is particularly important in the case of China when one considers the massive influence your country has on world energy developments.

The power of cooperation and dialogue has been amply shown through three years of the Declaration of Cooperation process, which brought groups of formerly disparate countries together to achieve something never before thought possible.

Together we continue stand strong and our cohesion and determination has led the world oil market out of the extremely dark spot it was mired in during the last oil market downturn in 2014-2016. I shudder to think what may have happened had we not managed this enormous feat together. And in we have set the stage to be able to continue our regular dialogue and cooperation through the Charter of Cooperation in the future.

The upcoming challenges are many and complex: climate change, energy poverty, trade disputes, geopolitics, a softening economy, policy changes, population growth, sanctions, you name it. These and more are going to continue to strongly affect us in the coming days, months and years. We need to be ready for each challenge ahead of time, and prepare for every eventuality. We can only do this together as partners who are able to communicate quickly and openly as situations arise. Maintaining channels of communication at all times and exchanging facts and data regularly will lessen the impact of large bumps down the road. It is the only way forward; in an industry that has become increasingly inter-connected over time, nobody can afford to go it alone anymore.

A famous Chinese proverb shows the power of patience and determination: “A man who removes a mountain begins by carrying away small stones.” OPEC and non-OPEC partners to the Declaration of Cooperation started moving small stones back in 2016 as a group of countries determined to make a change, and look what we have accomplished today! We have moved much of a mountain, though there always remains more stones to carry.

I also like Confucius’s quote: “The man who says he can and the man who says he can’t are both correct.”

We can determine the future of our world, including the oil industry and the world economy through our collaboration and hard work. And we need to continue to work together with patience, with diligence and with an eye on the future – for the sake of future generations.

As we move forward, we agree to continue our successful collaboration through, among others, internships, technical cooperation and joint studies.

We are honoured to be your partner in development and to tackle future problems together. Together we are strong.

OPEC Secretary General, HE Mohammad Sanusi Barkindo (l), and the Administrator of the National Energy Administration of the People’s Republic of China, HE Zhang Jianhua

OPEC Secretary General, HE Mohammad Sanusi Barkindo (l), and the Administrator of the National Energy Administration of the People’s Republic of China, HE Zhang Jianhua

HE Mohammad Sanusi Barkindo, OPEC Secretary General (c), HE Dr. Sun Xiansheng, IEF Secretary General (r), and Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division

HE Mohammad Sanusi Barkindo, OPEC Secretary General (c), HE Dr. Sun Xiansheng, IEF Secretary General (r), and Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division

OPEC Secretary General, HE Mohammad Sanusi Barkindo

OPEC Secretary General, HE Mohammad Sanusi Barkindo

HE Zhang Jianhua, Administrator of the National Energy Administration of the People’s Republic of China

HE Zhang Jianhua, Administrator of the National Energy Administration of the People’s Republic of China

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