01. data transparency and oil market bogota

8/2/2019 01. Data Transparency and Oil Market Bogota

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JOINTOILDATAINITIATIVE

AConcreteOutcomeoftheProducer-

ConsumerDialogue 66thth Regional JODI Training WorkshopRegional JODI Training Workshop

2626--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia

The petroleum sector and international oil market:

Importance of oil data transparency

Said Nachet

Energy Director

International Energy Forum


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JOINT OIL DATA INITIATIVE A Concrete Outcome of the Producer - Consumer Dialogue

66ththRegionalJODITrainingWorkshop,26

RegionalJODITrainingWorkshop,26--28July2010,Bogota,Colomb

28July2010,Bogota,Colomb

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A 2008

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ice

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harpswingsofoilprice

saswellas

highv


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InternationalEn

ergyForum

Glo

balEnergyDialogue

Oil price variation impacts other energy prices as well


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JOINTOILDATAI

NITIATIVE


ConsumerDialogue

66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia

Energy Security

Economic Growth

PRODUCERS CONSUMERS

Continuity of energy supply

Acceptable

energy prices

Affordable

energy prices

+ +Security of

Supply

Security of

Demand

Energy Security = continuity of energy supply ataffordable energy prices for

consumers andacceptable energy prices forproducers


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NITIATIVE


ConsumerDialogue


Continuity of Energy Supply

Energy Markets

Energy Policies

Climate Change mitigation

Resources

Finance

Technology

Markets

Investment

Stability

Predictability

Coordination

Accessibility


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JOINTOILDATAI

NITIATIVE


ConsumerDialogue


oil price volatility

Investmentuncertainty

Uncertain revenues

Hinders future planning

& investment in

supplies

Economic impacts

Impacts on developing

countries

Impacts economic

growth

Lack of incomplete and/or accurate oil data

+ delays in submission

Renewable energy competitiveness

R&D policies


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ConsumerDialogue


Why?

Markets hate uncertainty

and the unknown

Better assessment of the

physical market leads to

better investment and

pricing decisions

Sound analysis of oilmarket requires accurate

information

What needs to be done?

More timely, better quality

data

Improve transparency on

historic data (demand,

supply, stocks)

Improve transparency on

future data (investment)

Improved transparency is crucial


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JOINTOILDATAI

NITIATIVE


ConsumerDialogue


SECURITY OF OIL SUPPLY and SECURITY OF OIL DEMAND are actually thetwo sides of the same coin.

SECURITY OF OIL SUPPLY is better achieved with stable oil prices whichprovide the right environment for investment to take place.Accuracy isimportant to give oil market actors the real picture of the market balance atany point of time.

SECURITY OF OIL DEMAND is requested by producing countries. Stable oilprices are the best way to give confidence to consumers and to helpdrawing stable energy policies over time. Lack of transparency fuels market

anxiety . Timeliness of data submission is important.

Both producers and consumers will benefit from a morestable and transparent oil market

Market Data Transparency matters


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JOINTOILDATAI

NITIATIVE

AConcreteOutcomeoftheProducer-ConsumerDialogue


Domestic

level

Globallevel

- Energy data collection at

domestic level

- Using most common

international definitions

and standards

Information Sharing

- Global energy data- Better assessment of the

energy market at the global

level

Energy policy(investment along the energy

chain, energy pricing, i.e. taxes

and subsidies, market and

industry regulation,

environmental issues, etc.)

- Improved efficiency andpredictability of the global

market

- Reduced uncertainty for

market players (short term)

and investors (long term)

Global Market Stability

Better informed energy market why do we care?


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Participants welcomed the important progress

made so far in Joint Oil Data Initiative (JODI)

coordinated by International Energy Forum (IEF),

in cooperation with International Energy Agency(IEA), Asia-Pacific Economic Cooperation

(APEC), and Organization of the Petroleum

Exporting Countries (OPEC), other partner

organizations and member countriesChairs Summary, The 3rd Asian Ministerial Energy

Roundtable, 26 April, 2009, Tokyo, Japan

More timely, global, and

accurate data on oil demand,

supply, and inventories are

critical to reducing oil price

volatility, given current

difficulties in assessing oil

market conditions. Markets

still rely on a narrow set of

data, notwithstandingwelcome progress under the

Joint Oil Data Initiative

(JODI).John Lipsky, First Deputy

Managing Director, International

Monetary Fund, 4th OPECInternational Seminar, Vienna,

March 18, 2009

The Joint Oil Data Initiative (JODI), launched

in 2001, can be of enormous help in reducing

noise in oil markets by ensuring the supply of

more and better information on the global supply

and demand of petroleum products. Hopefully,

as EITI countries become used to transparency,

more of them will sign up to JODI.Takatoshi Kato, IMF Deputy Managing Director, 4th

Extractive Industries Transparency Initiative (EITI)Global Conference Doha, Qatar, February 17, 2009

JODI enjoys strong support ..


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Quality, completeness and timeliness of oil data submitted through the monthly

Joint Oil Data Initiative (JODI) should be enhanced.

Joint Statement by the Kingdom of Saudi Arabia and IEA, IEF and OPEC Jeddah EnergyMeeting, Jeddah, Saudi Arabia, 22 June 2008

We note the Joint Oil Data Initiative .. and welcome their efforts to examine the

expansion of their data collection to natural gas.20 Summit of Leaders G20 Leaders Declaration (Paragraph 28)

Pittsburg, USA 24-25 September 2009

We continue to support the Joint Oil Data Initiative (JODI) as managed by the

IEF. We welcome progress made and call all countries to co-operate in improving

quality, completeness and timeliness of data.Joint Statement by the G8 Energy Ministers, the European Commission and other 15 Energy

Ministers, G8 Ministerial Meeting, 25 May 2009, Rome, Italy

JODI enjoys strong support ..

Ministers commended the improvement of the performance of countriesparticipating in the Joint Oil Data Initiative (JODI) since the 11th IEF in Rome.

However, they also acknowledged that more is needed to enhance the

transparency in the physical oil market, in particular in collecting more monthly oil

data and in improving the reporting on of oil stock data.12th International Energy Forum, 4th International Energy Business Forum, Cancun, 30-31

March 2010


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AConc

reteOutcomeoftheProducer-ConsumerDialogue 66thth Regional JODI Training WorkshopRegional JODI Training Workshop

2626--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia

Thank You

01. data transparency and oil market bogota

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