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IR Iran Oil, Gas Refining and Petrochemical

Fair Welcoming Statement

13-16 May 2022

Behrooz Baikalizadeh Head, Petroleum Studies Department

Your Excellencies, distinguished ladies and gentlemen, Thank-you for the privilege of participating and speaking to you at this 26th Oil, Gas, Refining and Petrochemical Fair on behalf of OPEC Secretary General, Mohammad Sanusi Barkindo. I send you his sincerest apologies that he cannot be here this year in person.

I congratulate you on this year's event, which is the biggest energy event in the Islamic Republic of Iran and a premiere event in the region.

The Iran Oil Show, as it is known, is famous for its high-profile, interesting and unique opportunities for interaction, at both the policy and technical levels.

It is also the first time the event has been held in person since 2019, due to the COVID-19 pandemic, making the gathering all the more special this year!

OPEC is honoured to have participated for many years at the Oil Show and we thank the Ministry of Petroleum, and in particular Minister of Petroleum, HE Eng Javad Owji for extending the invitation once again.

Excellencies, ladies and gentlemen, I have had the great honour to visit your remarkable country on many occasions during my tenure as OPEC Secretary General, most recently on the auspicious occasion of the inauguration ceremony of HE President Ebrahim Raisi, in August last year.

I am always very excited to learn about the remarkable developments in Iran's industry. You have achieved amazing triumphs in both technology and industry in the face of very

difficult circumstances due to sanctions. This has had a multiplier effect on the economy of your country that should not be underestimated.

Excellencies, ladies and gentlemen,

Iran has a long and illustrious history with OPEC. It is one of the Founder Members, and played a vital role in bringing the Organization into the world.

The Islamic Republic of Iran is one of the signatories to the historic Maadi Pact, or what is also known as the 'Gentlemen's Agreement. Dr Fuad Rouhani met his counterparts on the sidelines of the First Arab Petroleum Congress back in April 1959 at the Maadi Yacht Club in Cairo, where the foundation was set for what was later to become OPEC.

Over the past 60 plus years, the Islamic Republic of Iran has continued to play a major role within the Organization, contributing each decade to the development and prestige of OPEC.

The bonds between OPEC and the Islamic Republic of Iran are strong, and were reinforced in recent years as the Organization looked overcome two historic industry slumps as a result of the 201416 downturn and most recently due to the COVID-19 pandemic.

The wisdom and diplomacy of the Iranian leadership helped build the necessary consensus between OPEC and non-OPEC oil producing countries to reach the landmark Declaration of Cooperation (DoC) in December 2016, and subsequently the Charter of Cooperation (CoC) in July 2019.

Excellencies, ladies and gentlemen,

OPEC's role on the international stage has risen in prominence over the past few years, and most especially with the outbreak of the pandemic. We were called upon to act in a time of terrible crisis back in 2020 when the pandemic led to the biggest oil market crash in history.

Our response, with help of the DoC has indisputably played a major role in stabilizing the oil market. This has been recognized by producers, consumers, academics and analysts.

The stabilization of the oil industry has supported the world economy in its COVID recovery and will continue to do so going forward.

Moreover, today, we are also now confronted by the escalating geopolitical conflict in Europe, which has massive implications for the world economy, volatility in commodity markets and oil supply and demand.

It is important to stress, however, that nonfundamentals are beyond the control of OPEC. We are focused on enabling a balanced market, and are committed to sustainable stability of the global oil market.

In this regard, you may recall that leading international organizations and institutions came together in the early days of the pandemic to endorse efforts to stabilize the energy markets.

This high level of cooperation provided pivotal support to the collective efforts undertaken by our DoC participating countries.

We urge global leaders to follow this example of multilateralism and once again ensure an unhindered, stable and secure flow of energy to the whole world.

Excellencies, ladies and gentlemen,

While monitoring, assessing, and acting when necessary, given short-term developments, OPEC is also focused on longer-term challenges too.

This includes climate change, sustainable development and the impact of environment, social, governance (ESG) on future investment patterns.

We need to be cognizant of how oil and gas industry investments are being impacted by ESG requirements and the climate disclosure drive from the financial community.

To put the investment issue in some perspective, in OPEC's World Oil Outlook (WOO) cumulative oil-related investment requirements amount to $11.8 trillion in the 2021-2045 period. This is a huge number, and we need to remember that investments fell by around 30% in 2020 due to the pandemic.

The challenges before us are enormous, and we have seen recently that the strains and conflicts related to energy affordability, energy access, energy security and the need to reduce emissions require a delicate balancing act, comprehensive and sustainable solutions, and with all voices heard, and listened to.

We need a just transition, together with fulfilment of the UN Sustainable Development Goals.

Additionally, although we recognize climate change is a serious threat to mankind, our industry and our Member Countries face disproportionately large losses due to mitigation efforts. To this end, we must continue to reiterate the core of the UN Framework Convention on

Climate Change (UNFCCC) emphasizes equity, historical responsibility and national circumstances.

Tackling emissions has many paths and we need to explore them all, utilizing the great minds in our industry to find cleaner and more efficient technological solutions across all available energies. In doing this, we must always look to the face of energy poverty, and keep top of mind that SDG 7 focuses on ensuring access to affordable, reliable, sustainable and modern energy for all people. This is a cross-cutting goal in achieving many of the other SDGs.

The industry is under incredible pressure. But we have faced and overcome adversity and the past and we will do so again, wielding multilateralism and dialogue, which have been an essential part of OPEC's raison d'etre from the beginning.

Excellencies, ladies and gentlemen,

We remain positive about our industry's future, which is highlighted in our most recent World Oil Outlook.

We see energy demand increasing by 28% in the period between 2020 and 2045, with all energies required to meet this growing demand. A doubling in the size of the global economy, population expansion, and the need to reduce energy poverty, will be behind this push.

Oil is forecast to remain the fuel with the largest share of the global energy mix up to 2045. Primary oil demand is set to increase in the longterm from 83 mboe/d in 2020 to 99 mboe/d in 2045. In 2020, oil accounted for 30% of global energy requirements. By 2045, it is expected to account for approximately 28%. Oil and gas together are still expected to account for more than 50% in this time horizon.

It means we need more oil and gas, and we need the expertize, talent and resources of the Islamic Republic of Iran to help deliver this sustainable energy future.

With that, I wish you much success in this year's show!

Thank-you.