Over the past few days, more than 10,000 delegates from the energy industries have gathered at the 23rd World Energy Congress in Istanbul to discuss the present state of the market and what obstacles it faces.
With a recent World Energy Council report stating that per capita, energy demand is set to peak before 2030, energy chiefs have been sharing their views on the industry, where the oil price and OPEC are heading, and how the world can use energy more efficiently.
CNBC takes a look at some of the most notable statements made at the 23rd World Energy Congress in Istanbul.
For more coverage from the 23rd World Energy Congress, click here.
"We are not interested in a specific price, we are not targeting price. And why are we not? Because this current cycle, unlike the previous five cycles is driven by supply fundamentals."
"In order to restore stability on a sustainable basis, we need — together with non-OPEC friends — to address the issue of this overhang. It is not the issue of price at the moment. Until we are able to bring the market to some form of balance … We will not be able to achieve the fair price that will be fair to both producers and consumers."
— OPEC Secretary-General Mohammad Barkindo
"I do think the oil and gas industry has a big responsibility to minimize the carbon footprint of its own operations."
"If you look at how much gas is still being flared around the world in routine production operations, how much methane is still being leaked out of gas pipelines."
"We can be our own worst enemy if we don't solve that problem as an industry, it is completely unnecessary contribution to global warming that a disciplined industry would not allow to happen."
— Maarten Wetselaar, integrated gas and new energies director at Royal Dutch Shell
"An energy mix is the future: You're going to have oil, gas, you're going to continue to have coal, and you're going to have renewables that continue to increase."
"And I think you're seeing our customers playing that arena: Oil and gas is here to stay for the next multiple years and decades, and that's why we're continuing to invest in it."
— Lorenzo Simonelli, GE Oil & Gas' president & CEO
"The values of all the markets increased because the announcement that Russia was collaborating with OPEC, and the position that we are going to be able to work together and we're going to be able to open the door to get a consensus."
"So the whole economy is waiting for a decision: A decision that has been taken by the oil producing countries."
— Eulogio Del Pino, Venezuela minister of petroleum
"Achieving our energy goals — including universal access, energy efficiency and renewable energy — will open a new world of opportunity and investment."
— Ban Ki-moon, UN secretary-general
"There's certainly a little breathing room now in the oil price, which sort of fits the fundamentals anyway. I mean the world is in balance I think today, so the prices aren't a surprise. But we've still got a lot to do as an industry to keep our costs down."
— Bob Dudley, BP CEO
"We are relieved because it's been many, many years with a lot of work for many people in the U.K., also in France, and in China. This is a partnership for Hinkley Point, between the U.K. and China and France, so (we are) relieved that we have been able to get this decision behind us."
"We are excited because everybody is going to watch how we can build this hugely-performing nuclear project with the highest safety standards, with the best performance, the largest construction project in Europe."
"We have a little more than nine years to deliver the first unit, so that's a very exciting challenge."
— Jean-Bernard Lévy, EDF CEO
"In case we lived in the ideal world, then the ideal price for the oil which would be efficient for the producers and for the consumers would be $80 per barrel."
— Leonid Fedun, Lukoil vice president
"What's important is the sustainability at this time. The market needs to see a sustainable price that encourages the investors to put (in) more investment. If we are going to $50 (a barrel) and then going back to $40 then this is not encouraging for the investors and it's not going to change the picture."
"I think the glut in the market is reducing but the time it takes to do that will be longer, if more countries are pumping more oil and growing their production, even though commercially this is not a very viable option."
— Suhail Mohamed Faraj Al Mazrouei, UAE minister of energy
"We think that freezing or even reducing oil production is probably the only correct decision if we want to preserve the entire global energy market's stability. This will not at all upset market mechanisms, but on the contrary, will help to rebalance the market sooner."
"Russia is ready to take part in joint measures to limit production and calls on other oil exporters to do the same."
— Vladimir Putin, president of Russia
"Today there is a sort of theory, a peak of demand and a ceiling somewhere."
"I think there is no ceiling, no floor, no theory. There are just economic players in a commodity business. When the price is low they don't invest enough, and if they don't invest enough they just prepare for the next cycle up."
— Patrick Pouyanné, Total CEO
"I think we have restored the broad consensus among oil producers and I'm glad that this consensus we have got major consuming countries also on board. We have turned the wheel going forward."
"What Algiers demonstrated to the world is that OPEC still has the resolve and is capable and able to defend its collective group interest, not only on behalf of OPEC but (for) all producers as well as consumers."
— OPEC Secretary-General Mohammad Barkindo