A high-level meeting of the OPEC-GECF Energy Dialogue has underscored the importance of crude oil and natural gas to the global economy and in meeting current and future energy demands.

This was made known in a joint communique issued on Wednesday at the end of the second high-level energy dialogue of the Organisation of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) (OPEC-GECF) via videoconference.

The meeting was co-chaired by Yury Sentyurin, GECF Secretary-General, and Mohammad Barkindo, OPEC’s Secretary-General.

The communique emphasised that both commodities would account for around half of the total global energy mix in the decades ahead.

According to the communique, OPEC Secretary-General stressed the need for the organisations of two vital energy sources to cooperate and exchange views on pressing issues in the interest of global energy stability and sustainability.

“The bond that binds our organisations together run far deeper than the geology that has linked oil and gas, since the beginning of time,” Barkindo said.

He said it was of utmost importance that organisations like OPEC and the GECF continued to work hand-in-hand to ensure that they remained in a strong position to provide and secure stable and sustainable supplies of energy.

Barkindo added that oil and gas had an important role to play in the energy transition and in supporting the need to reduce emissions, bolster efficiency and embrace innovation.

He noted that in implementing the Memorandum of Understanding signed on Oct. 30, 2019, the two organisations had been improving the accuracy of dataflows and analysis, strengthening the exchange of information and expertise, which dated back to their mutual cooperation on Joint Organisations’ Data Initiative.

The meeting also examined the latest figures and estimates from OPEC and GECF’s perspectives, as well as reviewed the outcomes of key international debates on the future of energy and environment.

Such debates included, the G20 Environment, Climate and Energy Ministerial Meeting, UN High-Level Dialogue on Energy, Middle East Green Initiative Summit, as well as topics related to the upcoming UNFCCC COP26 meeting.

It acknowledged the possibility of stronger cooperation with some non-OPEC countries participating in the Declaration and Charter of Cooperation that were either GECF members or observers.

The next High-Level meeting of the OPEC-GECF Energy Dialogue has been scheduled to hold in 2022, in Vienna, Austria.