EU and OPEC hold Roundtable on Perspective for Future Production of Non-Crude Liquids

Baghdad / NINA / The European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC) held a joint Roundtable on Prospective for Future Production of Non-Crude Liquids in Brussels, Belgium, on 14 October 2016. The event was co-chaired by Erlendas Grigorovic, Acting Head of Unit for the European Commission’s Directorate General for Energy and Oswaldo Tapia, Head of OPEC’s Energy Studies Department and Officer in Charge of the Research Division. The roundtable is part of the formal EU-OPEC Energy Dialogue, which was established in 2005 to promote the exchange of views on energy issues of common interest, including oil market developments, and the potential this has for contributing to stability, transparency and predictability in the market. The energy dialogue has already achieved significant progress in enhancing understanding between the two groups on key energy issues through the organization of joint activities, such as workshops, studies and roundtables, which, combined, have resulted in deeper insights into important topics of mutual interest. This Roundtable on Prospective for Future Production of Non-Crude Liquids is the latest such initiative. Session one of the Roundtable featured the presentation of the joint study entitled “Prospective for Future Production of Non-Crude Liquids,” while Session two consisted of a roundtable discussion with stakeholders on the study’s outcomes. The meeting agreed that, in light of the current challenges in the energy markets, ongoing dialogues of this nature would continue to be of great importance. Both parties agreed that a stable and orderly energy market is essential for both producers and consumers and a pre-requisite for achieving sustained world economic growth. The study, entitled “Prospective for Future Production of Non-Crude Liquids,” provided an outlook of the production levels of non-crude liquids around the world from 2000 to 2015. It then outlined projected long-term supply estimates to 2040 using three different scenarios to enable a more detailed assessment of the potential outcomes.