The 2016 OPEC World Oil Outlook (WOO) was launched at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016 in the United Arab Emirates (UAE). This year is the tenth edition of the WOO, a significant milestone for OPEC’s flagship publication, which offers a thorough review and assessment of various scenarios related to the medium- and long-term development of the upstream and downstream sectors of the oil industry.
In introducing the publication, His Excellency Mohammad Sanusi Barkindo said: “In general, the WOO 2016 underlines the increasingly complex nature of the oil industry, both in the upstream and downstream; the market adjustments that have taken place since the price drop that began in mid-2014; the continued interdependence of all nations; how security of supply and security of demand are very much interlinked; and the need to better understand the market drivers, challenges, uncertainties, as well as opportunities, we face.”
In this year’s WOO, it is again essential to emphasise that given the ever-shifting dynamics of the current global oil market, alongside the need to freeze the Outlook’s modelling processes and certain assumptions by mid-year 2016, some of the short-term numbers will have naturally shifted to reflect the fast changing fundamentals. For the Organisation’s most up-to-date numbers for 2016 and 2017, please see OPEC’s latest Monthly Oil Market Report: http://www.opec.org/opec_web/en/publications/338.htm.
However, the medium- to long-term analysis and trends from this year’s WOO remain relevant. Some specific highlights from this year’s publication include:
It is important to stress that the WOO is not about making predictions. The Outlook should be viewed as a tool of reference to stimulate discussion and debate among all industry stakeholders. HE Barkindo said that OPEC believes that this publication evidently demonstrates this and underscored that it is not only the result of close collaboration and coordination between the Secretariat and Member Countries, but also a sign of OPEC’s ongoing commitment to dialogue as a means to help secure a sound and stable oil industry.
HE Barkindo also added that he was proud to see the publication launched in an OPEC Member Country for the first time, and thanked the Government of the United Arab Emirates, its Energy Ministry, the organisers of ADIPEC, and all the OPEC Secretariat staff involved in putting together the WOO 2016.
Following the successful launch of the interactive version of the WOO in 2014 and its follow up in 2015, a more comprehensive interactive version will be made available this year. This can be accessed at the following link: http://www.opec.org/opec_web/en/publications/340.htm.
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