Latin America In Focus

(MENAFN- Caribbean News Global) By OPEC

DUBAI, UAE – Dialogue and cooperation have always been the two chains that form the double helix of OPEC's DNA. This was in evidence when the Organization launched its flagship World Oil Outlook (WOO) 2024 in Brazil in September, as well as during recent official trips taken to Venezuela and Mexico by OPEC secretary-general, Haitham Al Ghais.

The 18th edition of the WOO was launched on 24 September at ROG.E, formerly known as Rio Oil & Gas, and the publication is central to OPEC's embrace of transparency through dialogue, and in helping provide a better understanding of all the intertwined issues that filter into our energy futures.

The event drew the attention of energy experts and stakeholders the world over and also provided a perfect opportunity to highlight the Organization's positive and ever-evolving relationship with Brazil, which was further enhanced at the G20 energy ministerial meeting in Foz do Iguaçu in early October.

In his opening remarks at the WOO launch, Al Ghais underscored the innate faithfulness of the publication to OPEC's commitment to transparency.“Prudent energy policymaking to meet the world's energy and climate challenge in a just, orderly, and equitable manner, should be steeped in real-world data, as embodied by our WOO”, he stressed.

He also stated that Brazil“holding the Presidency of the G20 and hosting COP30 back-to-back (2024 and 2025) demonstrates the country's unwavering commitment to finding solutions to issues of great importance and scale” and noted that the launch of the WOO was a vital addition to help facilitate open and candid discussions on issues affecting the petroleum and energy sectors.

Recalling a meeting he had with the President of Brazil, Luiz Inácio Lula da Silva one year prior, Al Ghais said that the country's leadership has a clear understanding of the energy challenges facing humanity, and OPEC looked forward to working together in the years ahead.

In October, the secretary-general also undertook an official visit to OPEC founder member, Venezuela, where he was received by Nicolás Maduro Moros, president of the Bolivarian Republic of Venezuela at Casona Presidencial in Caracas. He also held meetings with other high-level officials, including Delcy Rodríguez Gómez, executive vice president and recently appointed minister of petroleum; Hector Obregón, president of PDVSA.

The visit was an opportunity to reflect on the crucial contributions and leadership shown by Venezuela in support of dialogue and high-level cooperation throughout more than six decades of shared history with OPEC; a history that has helped shape the Organization's past and present and will undoubtably continue to guide it in the future.

It also provided an opportunity to discuss the recently released WOO and review current oil market developments. President Maduro offered his assurances of the strategic importance that Venezuela sees in both OPEC and the Declaration of Cooperation (DoC), underscoring that oil market stability remains essential for promoting timely investments in the industry, both globally and in Venezuela, given the country's role as a key global energy player in the years and decades to come.

In a further strengthening of bonds with DoC partner, Mexico, Al Ghais attended the inauguration of the country's newly elected president, Dr Claudia Sheinbaum Pardo, in early October in Mexico City, which included being received by the President as part of the official ceremonies.

Whilst in Mexico, the secretary-general also met with Luz Elena González Escobar, Mexico's newly appointed secretary of energy, and Dr Victor Rodriguez Padilla, director general of PEMEX, to discuss key industry challenges, with the secretary-general also underscoring the key role that Mexico has played in the success of the DoC since its inception in 2017.

The ideas exchanged, the viewpoints discussed, and the feedback received during the visits to these vital energy partners in Latin America, served to reinforce OPEC's stance on the need to ensure energy security, utilize all energies, deliver energy affordability and reduce emissions, while also addressing different national circumstances.

With COP29 in Baku just around the corner, and COP30 in Latin America next year, with Brazil as host, OPEC will continue to champion for partnerships and cooperation, for common ground and dialogue, for a future where all stakeholders have a seat at the table, and where all voices are heard.

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