IOGP Looks Forward to Working with OPEC to Ensure Global Energy Security

Oil tanks in the port of Ras Tanura in the eastern region of Saudi Arabia on the Arabian Gulf (Aramco website)
Oil tanks in the port of Ras Tanura in the eastern region of Saudi Arabia on the Arabian Gulf (Aramco website)
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IOGP Looks Forward to Working with OPEC to Ensure Global Energy Security

Oil tanks in the port of Ras Tanura in the eastern region of Saudi Arabia on the Arabian Gulf (Aramco website)
Oil tanks in the port of Ras Tanura in the eastern region of Saudi Arabia on the Arabian Gulf (Aramco website)

For three years now, energy security has been the most prevalent issue for the global economy. The world blames the high prices of oil and gas and accuses the sector of causing record-high inflation rates.

Curbing high inflation requires increasing interest rates, which drags the global economy toward recession.

Governments of oil-producing countries have long defended their vision through the Organization of the Petroleum Exporting Countries (OPEC) and its allies in OPEC+. They have warned of supply shortages and the repercussions of rapid transition towards renewable energy.

The International Association of Oil & Gas Producers (IOGP), which represents private and public energy companies around the world, had agreed with the general vision of OPEC.

IOGP Executive Director Iman Hill affirmed that members of the association are preparing to work with OPEC in all fields during the coming period and added that a lack of investment may lead to supply disruptions and price fluctuations.

“It would be good for us to have cooperation with (OPEC) for the future in general and energy security in particular. We already have common denominators, and we look forward to working together,” Hill told Asharq Al-Awsat in Cairo.

IOGP members, integrated energy companies, national oil companies, independent upstream operators, service companies, and industry associations operate around the globe, supplying over 40% of the world’s oil and gas demand.

Saudi Aramco, the UAE’s ADNOC, Iraq’s Basrah Gas Company, the Italian Eni, the UK’s BP, the US’ Exxon Mobil, and the French Total are all members of the IOGP.

Efforts spent by IOGP companies are inseparable from the constant efforts of OPEC and its allies to maintain market stability, especially during challenging periods like when the coronavirus pandemic struck the market and disrupted demand.

With demand recovering in post-pandemic days, OPEC warned that a lack of investment witnessed during the pandemic coupled with an acceleration towards energy transition had resulted in a shortage in global stocks.

Accordingly, OPEC decided to cut production by about two million bpd from October 2022 until the end of 2023 while considering any changes in the market.

“Many believe that the issue of energy security threatens the transition to renewable energy,” said Hill, adding that it shouldn’t if a holistic approach is applied.

“In the near term, our priority should be to get more energy to the market before planning our next steps,” noted the executive.

“When the market rebalances, policy makers must make decisions based on supply and demand, with carbon emissions in mind,” she emphasized.

“The focus should be on reducing emissions rather than ideological distancing from fossil fuels,” explained Hill.

“This will allow us to benefit from oil and gas resources to ensure global energy security,” she noted.

Hill added that the energy transition will remain a critical issue for the sector and industry for the foreseeable future.

“Nevertheless, the way we approach this important topic must be sustainable and sensible,” she stressed, pointing out that “focus should be on reducing emissions.”

“We must adopt a comprehensive approach through modern technology, and even adapt it to reduce emissions.”

The development of renewable energy sources remains critical to the energy transition, underscored Hill. She, however, said that it must be done in a way that allows all solutions with potential to reduce emissions to play an active role.

Hill believes that there is a great opportunity for Gulf, Middle East, and North African countries to bridge the gap in energy demand, especially amid the policy of diversifying supplies away from Russian gas and oil.

“The Middle East and North Africa region will be a dominant region in terms of production for decades to come,” stressed Hill.

“Oil and gas companies in the Middle East are exploring sustainable alternatives to current power generation methods.”

“They are diversifying their assets and increasing financing for the development of renewable technologies such as solar energy, wind energy, nuclear energy, hydropower, and bioenergy,” she added.

Hill pointed to the “Middle East Green Initiative” launched by Saudi Crown Prince Mohammed bin Salman in November 2022. The initiative constitutes the first regional alliance of its kind aimed at reducing carbon emissions in the region by more than 60%. It also seeks to provide huge economic opportunities for the region.

Planting 50 billion trees across the region, restoring 200 million hectares of degraded land are also part of the initiative.

“We look forward to increasing the number of the association’s members, who number about 90 private and public companies, by 5% annually,” Hill told Asharq Al-Awsat.

Hill revealed that discussions are underway with Egyptian companies such as the Egyptian Natural Gas Holding Company (EGAS) and Engineering for the Petroleum and Process Industries (ENPPI) to join the IOGP.



Trump Suggests Fed May Be Ready to Lower Interest Rates

US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
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Trump Suggests Fed May Be Ready to Lower Interest Rates

US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)

President Donald Trump said on Friday he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the US central bank might be ready to lower interest rates.

The two men met on Thursday when Trump made a rare visit to the US central bank to tour the ongoing renovation of two buildings at its headquarters in Washington.

The White House has criticized the cost of the project, and the president and Powell sparred over the issue during the visit.

Trump also took the opportunity to again publicly call on Powell to slash rates immediately.

"We had a very good meeting ... I think we had a very good meeting on interest rates," the president told reporters on Friday.

"He (Powell) said, 'Congratulations, the country is doing really well,' and I got that to mean that I think he's going to start recommending lower rates because of that conversation," Trump said.

The Fed is widely expected to leave its benchmark interest rate in the 4.25%-4.50% range at the conclusion of a two-day policy meeting next week. Powell has said the Fed should wait for more data before adjusting rates.

The visibly tense exchange between Trump and Powell at the Fed's massive construction site on Thursday marked an escalation of White House pressure on the central bank as well as Trump's efforts to get Powell to lower rates.

The US central bank said on Friday it was "grateful" for Trump's encouragement to complete the renovation of its buildings in Washington and that it "looked forward" to seeing the project through to completion.

Trump, who called Powell a "numbskull" earlier this week for failing to heed the White House's demand for a large reduction in borrowing costs, also said on Thursday he did not intend to fire the Fed chief, as he has frequently suggested he would.