BY Mayowa Tijani
Sanusi Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), led the organisation’s board of governors into finalising a new and comprehensive long-term strategy (LTS) for the first time in six years.
According to OPEC secretariat, this was concluded at a meeting held in Vienna on November 2, 2016.
The document will be submitted for approval at the next OPEC ministerial conference to be held on November 30, 2016.
The development of the new LTS, entrusted to the OPEC board of governors by the ministerial conference, has been prepared over the past two years through a series of high-level meetings.
It is the third edition of the LTS prepared by the Organization, following the adoption of the second at the 157th meeting of the OPEC conference in October 2010 and the first at the 137th Meeting of the OPEC conference in September 2005.
The LTS provides a coherent and consistent framework for the realization of the Organization’s mission, today and in the future.
It sets three specific objectives, explores contrasting overall energy landscape scenarios and formulates the elements of the strategy to attain the agreed-upon objectives and address the identified key challenges facing the Organization.
The OPEC LTS will be submitted to the 171st meeting of the conference for approval on November 30, 2016.
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