OPEC, GECF sign MoU to strengthen cooperation

OPEC, GECF sign MoU to strengthen cooperation
Published: 3 October 2019 - 2:20 p.m.
By: Baset Asaba

The Secretaries General of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) today signed anMemorandum of Understanding (MoU) to strengthen cooperation in research and the sharing of best practices.

Mohammad Sanusi Barkindo, Secretary General of OPEC, and his GECF counterpart, HE Yury Sentyurin, signed the MoU in Moscow on the sidelines of Russian Energy Week.

The purpose of the MoU is to establish and strengthen cooperation in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest.

Areas of cooperation identified in the MoU include energy market monitoring, analysis, modelling and forecasting; energy market research studies covering the short- medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics (such as methodologies of data gathering, assessment and dissemination); energy initiatives and developments aimed at sustainability, along with environmental and social responsibility; and other areas and matters involving common interests and concerns.

OPEC and GECF also agree to cooperate, where possible and appropriate, on the exchange of information and data; hold expert meetings and internal bilateral workshops to promote the exchange of knowledge and experiences; and cooperate on seminars, workshops, conferences and publications.

In addition, OPEC and GECF may further identify any other appropriate means to further their cooperation.

The MoU follows discussions that took place earlier this year between the Secretaries General on the sidelines of the 9th IEA-IEF-OPEC Symposium on Energy Outlooks. The symposium took place at the International Energy Forum (IEF) Secretariat in Riyadh, Saudi Arabia.

At their meeting of 27 February 2019, the Secretaries General recognized the numerous areas of mutual interest to both Organizations, including the fact that they have many Member Countries in common. They emphasized their desire to continue working closely together, both at a high-level, as well as on a technical level.

Algeria, Equatorial Guinea, IR Iran, Libya, Nigeria, the United Arab Emirates and Venezuela are members of both Organizations.

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