The King Abdullah Petroleum Studies and Research Center (KAPSARC), a Riyadh-based advisory think tank, was honored with two awards during the 8th OPEC International Seminar held in Vienna on 5-6 July 2023. At the event, the Center received the ‘Best Energy Research Institute Award‘ recognizing its influential role in producing impactful research that shapes public discourse on critical energy-related issues. Furthermore, Axel Pierru, Acting Vice President of Knowledge and Analysis, accepted the ‘OPEC Award for the Best Energy Research Paper‘ on behalf of his co-authors Hossa Almutairi and James Smith, for their novel research on oil market stability. These awards mark the first time that OPEC has bestowed such honors.
OPEC Secretary General, HE Haitham Al Ghais said on KAPSARC’s awards: “The Center and the research paper’s authors are fully deserving of these two awards against some extremely stiff competition. KAPSARC is today a globally renowned center of research excellence for energy and sustainability issues, and a partner for many other research institutes and policy organizations worldwide. It is the embodiment of high quality, innovative, collaborative and objective analysis aimed at finding solutions to our global energy challenges.”
The ‘Best Energy Research Institute Award‘ acknowledges KAPSARC’s research impact on the energy industry. “We are honored to receive these two awards and express our gratitude to OPEC for recognizing our research achievements,” said KAPSARC President Fahad Alajlan. “These accolades highlight our position as an advisory think tank that provides evidence-based research to the international community and policy advice for Saudi decision makers. KAPSARC combines industry and academic expertise with a Middle Eastern perspective to tackle global energy and sustainability challenges.”
The OPEC Award for the Best Energy Research Paper recognizes researchers who have made exceptional contributions to advancing knowledge in the energy industry. Axel Pierru and his co-authors were granted this award in recognition of their research insights on market stability and the role of OPEC. These findings are published in four journal papers: “OPEC’s impact on oil price volatility: the role of spare capacity” (2018), “OPEC’s pursuit of market stability” (2020), “The value of OPEC’s spare capacity to the oil market and global economy” (2021), and “Oil market stabilization: the performance of OPEC and its Allies” (2023). Using market data and economic modeling, the authors show that the spare capacity policy pursued by OPEC has substantially reduced the volatility of the oil price.
Pierru emphasized that their research highlights KAPSARC’s commitment to producing innovative research that informs policymaking. He expressed deep gratitude on behalf of himself, Hossa Almutairi, and James Smith for receiving this prestigious award.
The awards, chosen by a panel of energy professionals from within and outside OPEC Member Countries, are conferred by the President of the OPEC Conference during the OPEC International Seminar.