The 2020 OPEC World Oil Outlook (WOO) has been launched in Vienna, Austria, providing the OPEC Secretariat’s in-depth look at the unprecedented scale and impact of the COVID-19 pandemic on the global energy and oil markets, an assessment of the medium- and long-term prospects, as well as analysis of various alternative scenarios and sensitivities that have the potential to impact the petroleum industry in the years ahead.
The WOO for the first time extends its outlook to 2045, providing an additional five-year window to examine developments in energy and oil demand, oil supply and refining, the global economy, policy and technology developments, demographic trends, environmental issues and sustainable development.
In the foreword to the 14th edition, His Excellency Mohammad Sanusi Barkindo, OPEC Secretary General, highlighted that the publication was published at a defining moment in the history of OPEC, a year marked by the COVID-19 crisis and the Organization’s 60th anniversary.
“In a year without precedent, we are very proud to bring you this exceptional edition of the WOO with the hope that it enriches the global energy dialogue and inspires closer cooperation,” the Secretary General said. “As we turn an important page in our history, OPEC’s commitment to securing an efficient, economic and steady supply of oil to consuming countries, and providing essential support to the global economy, is as unshakable today as it was when the Organization was founded 60 years ago.”
The videoconference launch also featured remarks by Dr Rainer Seele, CEO of the Austrian oil and gas company OMV, and Dr Jonas Puck, Academic Director of the MBA in Energy Management programme at the Executive Academy of the Vienna University of Economics and Business.
This year’s edition of the WOO also examines the bold and decisive actions taken by 23 OPEC and non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) in response to the unprecedented market challenges resulting from the pandemic-related economic slump. The DoC committed to the largest and longest-ever oil production adjustments, which have helped to restore market stability since the second quarter of 2020 and provide a platform for recovery.
The WOO 2020 launch represents the culmination of months of planning, writing, review and production under unique circumstances. OPEC’s flagship annual publication was in large part carried out remotely, reflecting the global impact of COVID-19 on work environments and travel.
Like its predecessors, the WOO 2020 should be viewed as a helpful and insightful reference tool, one that underscores OPEC’s commitment to knowledge-sharing and data transparency. It also is intended to enrich the global energy dialogue and inspire closer cooperation – the hallmarks of OPEC’s 60-year record of success.
OPEC was founded by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela on 14 September 1960 during a ceremony at the Al-Shaab Hall in Baghdad, Iraq. The Organization today comprises 13 Member Countries and the OPEC Secretariat is located in Vienna, Austria.