Governments must ensure ample resources for collecting energy data, says Joint Organisations Data Initiative (JODI)
21 October 2011
To achieve greater global transparency in the oil market, organisations from the Joint Organisations Data Initiative (JODI) have called on governments to ensure that administrations and organisations in charge of oil data collection are properly equipped and staffed.
Governments should also implement appropriate regulations to ensure that industry is fully engaged in the global process and regularly submits data with sufficient detail and in the required format, the seven partner organisations which make up JODI stated.
They also urged governments to address confidentiality issues, which they argue are a clear obstacle for improving oil market data transparency.
These comments were made at the 8th International JODI Oil Conference, which was held in Beijing, China on 10-11 October 2011.
JODI aims to increase oil market transparency, thereby increasing investor confidence and contributing to greater stability in oil markets worldwide. The JODI partners are:
- The International Energy Agency
- The Asia Pacific Economic Cooperation (APEC)
- The Statistical Office Of The European Communities (EUROSTAT)
- The International Energy Forum (IEF)
- The Latin American Energy Organization (OLADE)
- The Organization Of The Petroleum Exporting Countries (OPEC)
- The United Nations Statistics Division (UNSD)
Participants at the Conference included market analysts and experts from the energy industry and financial sectors, as well as consultants and technical experts. They reviewed progress made by JODI and commended its efforts over the past decade, noting that the JODI Oil Database is now well established and widely used by market analysts.
Those present, which included 80 participants representing over 30 countries, also identified key areas of action to further improve and develop the work carried out by JODI. Among these future priorities were the opening up of the extended database, the implementation of a discussion forum, the expansion of training activities, and the assessment of a reporting system on upstream and downstream capacities.