Your Excellencies, distinguished guests, ladies and gentlemen,

Thank you for attending the 9th OPEC International Seminar.

I trust that these past two days have been engaging, insightful, and intellectually rewarding.

This year, in this most distinguished of settings, the Seminar reached new heights – setting records, providing a benchmark for success and fully reflecting its theme: Charting Pathways Together: The Future of Global Energy.

In line with this theme, and indeed OPEC’s commitment to inclusivity, the Seminar brought together an impressively broad array of high-level stakeholders – ensuring that all voices were heard.

Representing some of the world’s foremost energy decision-makers, and the pinnacle of ministerial leadership, we were honoured to welcome 23 ministers and government officials as speakers.

Among the foremost figures in global executive leadership, we were also delighted to welcome 35 company leaders to speak from national and international companies and institutions.

In addition, we were honoured to host 12 heads of international organizations, further enriching the high-level nature of the Seminar.

Overall, 71 speakers and seven moderators facilitated illuminating discussions and stimulating exchanges across three ministerial panel sessions and seven high-level, round-table sessions. To all our speakers, moderators, panelists and discussants – a big thank you.

Equally as vital as quality speakers, the Seminar would not have been possible without the kind and generous support of our 28 sponsors. Your contributions were instrumental in ensuring that all Seminar events unfolded seamlessly.

This year the Seminar has also teamed up with a record 24 media partners to enhance the reach of our proceedings. To all media representatives present – thank you.

We were also delighted to welcome over 1,000 participants from across the world, setting a new Seminar attendance record.

The numbers speak for themselves.

Charting pathways together takes a village. In this regard, I would like to warmly thank all OPEC Secretariat staff, as well as the consultants they worked alongside. Their professionalism and dedication were vital in preparing this Seminar. Thank you all! 

Ladies and gentlemen,

Before concluding, I would like to highlight five key insights from the past two days that are worth noting for the future of global energy.

First, as highlighted in the World Oil Outlook launch, global energy demand is set to rise by 24% to 2050. Maintaining energy security will necessitate unprecedented local, regional and global collaboration to build resilient future energy systems.

Second, current and future data trends demonstrate that hydrocarbons will remain vital for decades. Oil is not only the main energy source for the global economy today, it is expected to retain the largest share of the global energy mix in 2050 at around 30% – when demand is set to exceed 123 million barrels per day.

Third, the global energy sector stands at a critical juncture, requiring significant investment in all energies and technologies. To meet future demand, maintain energy security and reduce emissions, global cumulative oil-related investments of $18.2 trillion are required to 2050.

Fourth, developing countries must be empowered to use their natural resources – including to address energy poverty – and be supported by adequate finance and technology. Similarly, future energy systems must be just, equitable, and reflect national circumstances.

Fifth, governments, policymakers and industry leaders must take a realistic, data-driven view of energy realities and embrace inclusive pathways that follow an all-energies, all-technologies and all-peoples approach.

Ultimately, the energy futures of 9.7 billion people in 2050 will depend on today’s policymakers embracing ‘all inclusive’, forward-looking approaches.

Thank you once again for ensuring that the ninth OPEC International Seminar was such an engaging and exceptional event.

I wish you all a safe journey home.

Auf Wiedersehen.