7th Joint IEA-IEF-OPEC Workshop on the Interactions Between Physical and Financial Energy Markets

The International Energy Agency (IEA), the International Energy Forum (IEF), and the Organization of the Petroleum Exporting Countries (OPEC) hosted the 7th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets via video conference from Vienna, Austria on 22 October 2020.

The high-level Workshop was co-chaired by OPEC Secretary General, HE Mr Mohammad Sanusi Barkindo, together with Mr Joseph McMonigle, Secretary General of the IEF, and Mr Keisuke Sadamori, Director of the Office for Energy Markets and Security at the IEA. The Workshop had over 120 participants. Discussions were structured into three sessions focusing on the following key topics:

• Impact of COVID-19 on the global economy and commodity markets
• Global oil industry investment patterns and dynamics in light of COVID-19 and energy transition
• ETFs and the futures markets: Lessons from recent oil market volatility

Mr McMonigle emphasised that complex physical and financial energy market dynamics are now better understood, better regulated and more transparent since the launch of the dialogue in response to the Global Financial Crisis. Although unforeseen external shocks like the COVID-19 pandemic will impact markets, continued dialogue on physical and financial energy market links will broaden perspectives on investment, energy access, and climate neutral growth.

The Joint Workshop is one part of the trilateral work programme established by the three organisations and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, in March 2010.  Since then, the joint IEA-IEF-OPEC meetings covering the evolving inter-linkages between physical and financial energy markets have developed into a unique, high-level dialogue event that brings together a diverse range of market participants to discuss issues that are not addressed in other high-level fora.

To encourage open and informative discussions, the Workshop was held under the Chatham House Rule, with participation of key market participants on the financial and physical sides of the market. The next Joint Workshop is scheduled to take place in 2021.

Welcome and Opening Remarks

• HE Mr Mohammad Sanusi Barkindo, Secretary General, OPEC
• HE Mr Joseph McMonigle, Secretary General, IEF
• Keisuke Sadamori, Director of the Office for Energy Markets and Security

Session I: Impact of COVID-19 on global economy and commodity markets

Moderated by Harry Tchilinguirian, Head of Commodity Market Strategy, BNP Paribas

Panellists:

• Christian Keller, Head of Economics Research – Barclays
• David Chang, Senior Managing Director – Wellington
• Paul Horsnell, Head of Commodities Research – Standard Chartered
• Jim Burkhard, Vice President Global Oil Markets – IHS Markit

Session II: Global oil industry investment patterns and dynamics in light of COVID-19 and energy transition

Moderated by Christyan Malek, Managing Director, Head of Oil & Gas Research – JP Morgan

Panellists:

• Dr. Steven Knell, Director – IHS Markit
• Pedro Gomez, Head of Oil and Gas Industry – World Economic Forum
• Amrita Sen, Chief Oil Analyst – Energy Aspects
• Trisha Curtis, President – Petronerds

Session III: ETFs and the futures markets: lessons from recent oil market volatility

Moderated by Mike Davis, Senior Oil Market Consultant (former Senior Director Oil Markets, Intercontinental Exchange ICE)

Panellists:

• Jiang Yan, Chairman – Shanghai Futures Exchange
• Paul Willis, Technical Specialist, Financial Conduct Authority – IOSCO
• Euan Craik, Head of Oil – Argus Media
• Aleksei E. Rybnikov, CEO – St. Petersburg Exchange
• Vera Blei, Global Director of Oil and LNG Markets – S&P Global Platts