The Secretary General of the Organization of Petroleum Exporting Countries (OPEC), His Excellency, Dr. Mohammad Sanusi Barkindo, experts and critical stakeholders in the energy industry, are expected to grace the forthcoming 6th Iraq Energy Forum, slated for June 18 to 20, 2022, in Baghdad
By Eddy Ochigbo
The all-important event which would hold at the Rotana Babylon Hotel and the American University of Iraq, in collaboration with the Iraqi government, key energy and economic ministries, and with the full support of the Organization of Petroleum Exporting Countries (OPEC), according to organizers, would focus fundamentally on education, women empowerment, Iraq’s private sector role in supporting community efforts and social responsibility.
The premier energy summit would once again bring together an exclusive lineup of policy and decision-makers, government officials, experts, analysts, and industry leaders from the investor community in Iraq, the Middle East, and beyond to discuss global energy security in times of conflict.
Themed, “The Middle East as the Cornerstone of Global Energy Security”, the historic energy and economic flagship event, is coming at crucial time when nations of the world are competing for every drop of oil and molecule of natural gas. More so, when the Middle East as a petroleum endowed region is at a crossroads. There are great expectations from within for a balance between continued investment in fossil fuels and Iraq’s sustainability and net-zero targets.
For the first time, Iraq also finds itself not at the center of global concern for security and geopolitical risks which may help spur opportunities as it seeks leadership in providing affordable and clean fuels like hydrogen and renewable electricity.
Good a thing that OPEC’s Secretary-General, Dr Mohammad Sanusi Barkindo, has given assurance that he will participate in the sixth Iraq Energy Forum, billed to attract government officials, policymakers, industry leaders, experts and analysts from around the world.
Ali Allawi, Iraq’s Deputy Prime Minister of Economic Affairs and Minister of Finance, is among the participants expected at the conference. The event would, among other things, focus on a number of important issues related to energy, including global energy security, the energy transition, uncertainties related to economic recovery, investment and sustainable development.
While expressing his delight to be part of the forum, Dr Barkindo enthused: “We are extremely excited to return to Baghdad and to take part in the 6th IEF, which is taking place at a decisive moment in the history of the energy sector. It promises to feature thought-provoking discussions on some of the most important issues of our times.
“The forum has grown into a premier regional event that attracts luminaries from Iraq’s energy industry, high-level policymakers and some of the foremost thinkers on energy. Oil prices have been extremely volatile this year, affected by the conflict in Ukraine and concerns about demand in China as well as tighter US crude inventories.
“As the birthplace of OPEC in 1960 and one of the world’s most important oil providers, Iraq is well suited to host discussions on how to ensure a stable, secure and sustainable energy future for all.
“Since I attended the first IEF in 2016, the Forum has grown into a premier regional event that attracts luminaries from Iraq’s energy industry, high-level policymakers, and some of the foremost thinkers on energy. As the birthplace of OPEC in 1960 and one of the world’s most important oil providers, Iraq, the cradle of civilization and the land of prophets, is especially well suited to host discussions on how to ensure a stable, secure, and sustainable energy future for all.” Barkindo stated.
A World Bank report, released last month revealed that owing to the Russian war-related trade and production disruptions, the price of Brent – the global benchmark for two thirds of the world’s oil – is expected to average $100 a barrel this year, its highest level since 2013, after increasing by more than 40 per cent annually.
Recently, Iraq’s Minister of Oil Ihsan Abdul-Jabbar put the progress being made in the country’s oil sector this way:
“As the second-largest producer of oil in OPEC, Iraq is making an effort to maximise its oil exports and revenue. Accordingly, players in the country’s energy sector are determined to ensure smooth production of crude oil exports of more than 3.3 million barrels per day from its southern terminals; even as we look forward to leverage higher energy prices to support the economy”.
The Energy Forum will also host the formal launch of the book ‘OPEC: 60 Years and Beyond, A Story of Courage, Co-operation and Commitment, put together to commemorate the organisation’s 60th anniversary.
Global energy markets, according to VALUECHAIN’s findings, have experienced unprecedented dynamics since IEF 2019. From the onset of the Covid-19 pandemic and its associated supply chain disruptions to a subsequent slow and painful recovery shaped by micro and macroeconomic trends that still linger. Rising inflation and unheeding lockdowns at major trade centers continue to ripple affect the global economy.
Meanwhile, the World and by extension the Middle East are starting to experience accelerated transformations that are impacting on governments, energy firms, and businesses approach climate change, sustainability, and investment. Indeed, the energy transition is now at the center of policy and strategy in the region.
As the world grapples with the effects of conflict in Europe, attention now, more than ever, is re-focused on energy security. An almost complete collapse of energy dialogue between suppliers and consumers is adding to the mounting challenges. These challenges and other pressing issues would be part of the discourse, including:
= The Middle East Moment: Realizing the Gifts from the Energy Transition;
= Prospering at Economic Uncertainty: the Need for Regional Integration;
= Resources to Human Energy: Turning Iraq’s Natural Resources to Human Capital;
= Women and Youth Empowerment: Harvesting a Force Multiplier; and
= Private Sector and Community: The Overlooked Social Net.
At the event, the Iraq Energy Institute would honour OPEC scribe, Dr Mohammad Sanusi Barkindo with the 2022 Iraq Energy prestigious Award for his years of dedication to the organization, its member-countries, and the energy industry as a whole. In 2019, the award was given to H.E. Dr. Fatih Birol, the Executive Director of the International Energy Agency.
Professor Gareth Stansfield, Iraq Energy Institute’s Honorary President and Pro-Vice-Chancellor of the College of Social Sciences and International Studies at the University of Exeter said, “with the world facing extraordinary security, geopolitical and economic challenges, IEF2022 promises to bring back cooperation and dialogue on energy and development to the fore when most needed,” adding that “it is our pleasure at IEI to bring such efforts to Baghdad.”
Building on five previous successful forums, IEF 2022 promises to be an exciting gathering yet again for those interested in formulating ideas on energy, geopolitical and economic developments in Iraq, the region, and the world.
Established in 2008, Iraq Energy Institute (IEI) is a private, independent, and non-profit organization. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. IEI is based in London and Baghdad.
Since its inception, the Iraq Energy Forum has allowed people connected to the industry to discuss the challenges and opportunities of Iraq’s energy and economy in a cordial, yet focused environment.
In addition to regularly hosting an array of c-suite executives from major international oil, gas and power sector companies and financial institutions, distinguished former speakers include: OPEC Secretary-General, former Prime Minister of Iraq Haidar Al-Abadi, President of Iraq Barham Salih, current Iraq National Oil Company board member Thamir Al- Ghadban, former Minister of Electricity Luay Al-Khatteeb, former Minister of Oil Jabar Al-Luaibi, and various local, regional and international officials and executives amongst others.
