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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

The Organization of the Petroleum Exporting Countries (OPEC) will launch the 17th edition of its World Oil Outlook (WOO) on Monday in Riyadh at King Abdullah Petroleum Studies and Research Center (KAPSARC).

Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, will participate as a special guest of honor.

OPEC Secretary General Haitham Al Ghais will deliver the opening remarks, followed by a video outlining the publication’s key messages.

“The World Oil Outlook demonstrates OPEC’s long-standing commitment to market stability through knowledge sharing and data transparency. The quality of the publication serves as a testament to the excellence of those involved in its production, including Member Countries’ officials and experts, and OPEC Secretariat specialists. We are confident that this year’s edition continues to contribute to a better understanding of the global oil and energy markets and industry developments,” Al Ghais said.

“It is appropriate that this edition is launched in Riyadh in view of the leadership role Saudi Arabia has played to help bring stability and balance to global oil markets”, the Secretary-General added.

First published in 2007, the WOO is one of the Organization’s flagship publications. It provides an in-depth review and analysis of the global oil and energy industries and offers assessments of various scenarios in the medium- and long-term development of the oil sector.

The WOO also presents insights into related key issues, including supply and demand, investment, the potential impact of policies and sustainable development, and a detailed analysis of the challenges and opportunities facing the global oil and energy industries.

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World Trade Chief Says Global Free Trade is in a 'Crisis'

World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala (L) meets with Japan's Prime Minister Shigeru Ishiba at the latter's office in Tokyo on May 13, 2025. (Photo by Kazuhiro NOGI / POOL / AFP)
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala (L) meets with Japan's Prime Minister Shigeru Ishiba at the latter's office in Tokyo on May 13, 2025. (Photo by Kazuhiro NOGI / POOL / AFP)
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World Trade Chief Says Global Free Trade is in a 'Crisis'

World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala (L) meets with Japan's Prime Minister Shigeru Ishiba at the latter's office in Tokyo on May 13, 2025. (Photo by Kazuhiro NOGI / POOL / AFP)
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala (L) meets with Japan's Prime Minister Shigeru Ishiba at the latter's office in Tokyo on May 13, 2025. (Photo by Kazuhiro NOGI / POOL / AFP)

Global free trade is in crisis, the head of the World Trade Organization chief said Tuesday while meeting Japanese Prime Minister Shigaru Ishiba on Tuesday.

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, told Ishiba that she has high expectations for Japan as a champion of open markets as US President Donald Trump disrupts world commerce with his fast-changing tariffs and other policies.

“Trade is facing very challenging times right now and it is quite difficult,” she said, according to The Associated Press. “We should try to use this crisis as an opportunity to solve the challenges we have and take advantage of new trends in trade.”

Japan, as “a champion of the multilateral trading system” must help maintain, strengthen and reform the WTO, the Japanese Foreign Ministry cited her as saying.
They met a day after the United States and China said they had agreed to slash recent sky- high tariffs for 90 days to allow time for negotiations.

Japan is among many countries yet to reach a deal with the Trump administration on hikes to US tariffs, including those on autos, steel and aluminum.

The WTO played a pivotal role in past decades as the US and other major economies championed the trade liberalization that facilitated the growth of global supply chains, many of which are anchored in China.

By dismantling many protectionist barriers to trade, it has aided the ascent of Japan and China, and many other countries, as export manufacturing hubs.

Since taking office for a second time, Trump has prioritized higher tariffs to try to reduce US imports and compel companies to locate factories in the United States, doubling down on a trade war that he launched during his first term.

The two leaders agreed that WTO member countries should unite to restore the organization's capacity to address challenges.

Okonjo-Iwaela was visiting Japan to strengthen cooperation between Japan and the WTO to maintain and reinforce the multilateral trading system, Japanese officials said.