The OPEC+ energy ministers are scheduled to meet with oil industry CEOs at the 8th OPEC International Seminar to discuss global energy security, plans for energy transition, and investment challenges facing the sector.
OPEC Secretary-General Haitham al-Ghais said the International Seminar "Towards a Sustainable and Inclusive Energy Transition" has an outstanding record for both the caliber of participants and the high level of discussions that take place on the leading issues affecting the energy sector, especially at this critical time in the global industry.
"We are looking forward to welcoming all our guests to Vienna for what will be a truly memorable and informative event," he added.
The global energy sector is going through several challenges, most notably the sustainability of supplies with plans by some countries to abandon fossil fuels, which could lead to a decline in supply.
Global economic slowdown looms on the horizon due to adverse financial data from China, the world's second-largest economy and the world's largest energy consumer.
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC and OPEC+ are seeking to balance oil markets to ensure energy security.
UAE Minister of Energy, Suhail al-Mazrouei said OPEC and its allies in OPEC+ always strive to ensure a balance in market fundamentals between supply and demand to avoid an accumulation in global oil inventories that could lead to instability and speculative activities in international markets.
In a statement to the UAE's state news agency WAM ahead of the OPEC seminar, Mazrouei stated that OPEC's technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial committee to make appropriate decisions, which can help improve market stability and drive sustainable growth.
The Seminar is an important global platform for forecasting and shaping the future of the worldwide energy sector, with the participation of oil-producing and consuming countries, energy sector leaders, and experts from around the world, he added.
The minister noted that it would contribute to a fair and realistic energy transition towards a more sustainable future and ensure reliable energy supplies by utilizing the latest tech solutions in this vital sector.
Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, adding that the amount could be extended beyond that month.
It is part of precautionary measures that could limit fluctuations and boost OPEC+ efforts in supporting and stabilizing the markets amid pessimistic global economic data.
The US Federal Reserve expects the rate hike to continue, and OPEC expects an increase in global energy demand to 110 million barrels per day and that total energy demand will increase by 23 percent by 2045.
