Speaking at a specialized meeting on investigating the impact of geopolitical developments on energy market, held on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, Iran Oil Show, Jokar said the IWEM is about global energy outlook which was first designed in the Institute for International Energy Studies and we tried to complete it.

According to this model, Iran will have a outlook for demand, supply and price growth in various energy fields, the same as what is applied in the Energy Information Administration (EIA), the Organization of the Petroleum Exporting Countries (OPEC) and such organizations, he said, “this model focuses on oil in its first version and has been able to forecast different regional and global oil supply-demand scenarios.

This model is important as it can help policymakers and decision-makers with oil exports and choose target markets, that what the demand for oil and what the price outlook are, he noted.

China and Japan also enjoy such a model, he said, if a country does not have this model, it is likely to face difficulties in the future.

The first version of this model was done for the Asia-Pacific Economic Cooperation (APEC) and studied the exports capacities of its member countries. Also, the studies on the exports potentials of Africa and Latin American have already started, Jokar added.

The 26th Iran Oil Show kicked off on Friday morning (May 13) and will wrap up on Monday (May 16).