OPEC Secretary General Barkindo (left) with OFID

Director-General Dr Alkhalifa

OQ: OFID and OPEC are two separate organizations with distinct mandates. How does OPEC view OFID, and how could the relationship between the two organizations evolve over time for the benefit of global development?


MSB: OPEC views the work of OFID extremely positively. We see it as vital to the ongoing efforts of OPEC member countries to promote cooperation between themselves and other developing countries as an expression of South- South solidarity. This specific focus came out of the first Summit of OPEC Heads of State and Government in Algiers in 1975, which led to the establishment of the OPEC Fund for International Development in 1976. OFID’s work in helping evolve a sustainable

future for poorer, low-income countries as they pursue social and economic advancement, and its close cooperation and work with many bilateral and multilateral agencies, should be widely lauded. While the two organizations evidently have

distinct mandates, there is much that binds us together: our member countries, our history, the focus on key issues related to sustainable development and the critical need to alleviate energy poverty for the billions who continue to lack access to modern energy services. At OPEC, we look forward to further evolving and expanding our relationship with OFID.

OQ: This issue of the OFID Quarterly focuses on partnerships. How does OPEC engage in partnerships and how important is collective action for global progress?

MSB: Dialogue, cooperation and partnerships are front and center of everything we do at OPEC. This can be viewed most recently in the teamwork, dedication and selflessness of a remarkable group of countries. Namely, the ‘Declaration of Cooperation’ strategic partners whose tireless efforts over the past two and a half years have helped return more balance and confidence to the oil market. This has been in

the interests of producers, consumers and the global economy.

I think one of the most important reasons

why the Declaration has been successful is because at its heart, it has a fair, timely and transparent goal that can be articulated in four simple words: sustainable oil market stability. Our means for attaining that goal can be summarized in a similarly straight-forward manner: voluntary cooperation among nations. Our cooperation efforts also extend much

further. We have championed consumer and producer dialogue, benefiting from the tremendous partnerships with the International Energy Forum and the International Energy Agency. OPEC’s energy dialogues with the European Union, Russia, China, India and US independent suppliers, as well as dialogues with the World Bank, the International Monetary Fund, the United Nations Framework Convention of Climate Change (UNFCCC), among others, have also harnessed information exchange and many positive outcomes.


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