Secretary General Aldo Flores was invited to deliver a special keynote speech at the 4th Global Sustainability Summit, held on 1 and 2 July 2015 in Madrid.
The Annual Global Sustainability Summit is organised by EY in association with the Ibero-American General Secretariat. Participants include leading representatives from governments, multi-lateral organisations, specialised agencies and the private sector.
This year’s Summit was held under the theme “Shared value through transformational change.” Participants were invited to explore the notion that as boundaries between issues of sustainability and strategic business decisions are increasingly blurred, organisations must actively manage and balance resources ranging from human and natural capital to brand value and research & development, if they are to succeed.
Innovation, creativity and collaboration provide the foundations that underpin shared values with the resiliency necessary to adapt to change. The role of Energy is key in this debate and Dr Flores delivered his presentation on “In search of a sustainable energy mix: Trends, prospects and challenges”.
The First JODI Data-user Seminar took place in Geneva on Thursday 11 June 2015. The event was hosted by the University of Geneva and supported by the JODI Partner Organisations (APEC, Eurostat, GECF, IEA, IEF, OLADE, OPEC and UNSD).
When the Heads of JODI Partner Organisations met prior to the 14th International Energy Forum Ministerial meeting in May 2014, they recognised ease of access to data and communication with stakeholders as being of key importance in satisfying the rising expectations for JODI.
Participants in the 12th International JODI Conference in New Delhi including energy market analysts from oil and gas companies, commodity traders, and financial institutions expressed their interest in meeting key actors involved in the Initiative. In response to this user-community request for outreach, technical experts from JODI partner organisations collaborated to develop the first in a series of seminars targeting the JODI user-community.
For more information on the seminar and to view the presentation materials delivered on the day, please visit the event page on the JODI website.
The OPEC International Seminar is one of the premier events on the world energy calendar, bringing together Ministers from OPEC Member Countries, heads of intergovernmental organisations, chief executives of national and international oil companies, other industry leaders, renowned academics, analysts and media.
The 6th OPEC International Seminar was held in Vienna’s historic Hofburg Palace on 03-04 June 2015, focussing on the theme 'Petroleum: An engine for global development'.
Participating in a Panel Discussion on Oil Market Stability under the Chairmanship of HE Bijan Namdar Zangeneh, Minister of Petroleum of IR Iran, the IEF Secretary General delivered a presentation entitled “Oil market stability and the producer-consumer dialogue: Trends and questions.”
The IEF participated in the 2nd G20 Energy and Sustainability Working Group meeting on 25-26 May in Istanbul, under the G20 Presidency of Turkey. Responding to earlier G20 Leaders’ requests to improve the functioning and oversight of oil price discovery mechanisms, the IEF presented G20 delegates the key qualitative findings of the Joint IEA-IEF-OPEC Report on the Market Impact of the International Organisation of Securities Commissions (IOSCO) Principles for Oil Price Reporting Agencies. These Principles are intended to enhance the reliability of oil price assessments that are referenced in derivative contracts and subject to IOSCO regulation. Physical oil market participants generally considered the Principles to have had a positive impact on the activities of Price Reporting Agencies.
1In response to a request made by the 1st Energy and Sustainability Working Group meeting on 24-25 February in Antalya, the IEF also presented the results of a survey of G20 member countries to assess the level of G20 members’ engagement and interest in the Joint Organisations Data Initiative (JODI). Survey results underscored JODI is a unique single stop data platform that provides timely data where other sources do not, and serves as an important tool for G20 member countries and other users. Discussions focused on how energy market coverage and visibility of JODI can be improved. This will include G20 sponsored training sessions in non-OECD and non- OPEC regions such as Sub-Saharan Africa and links with other relevant energy market data platforms.
Energy market data transparency, integrity of price discovery mechanisms and indices as well as foresight in both physical and financial market dynamics are core to both the G20 and IEF mission and agenda. Against the background of current energy market volatility, other regulatory initiatives and following up on the G20 Principles on Energy Collaboration adopted during the Australian G20 Presidency in 2014 encouraging stable and transparent energy markets, the IEF shall provide further reports on JODI and the quantitative findings of the Joint IEA-IEF-OPEC Market Impact Report of IOSCO Principles for Oil Price Reporting Agencies to the 3rd Energy Sustainability Working Group meeting on 1-2 September 2015 in Izmir, Turkey.
Chicago, United States
Students at the University of Chicago Harris School organise the Annual Latin America Policy Forum to enhance understanding of the region’s key challenges and explore possible solutions. This year the forum focused on three subjects: energy policy, economic development, and education policy.
Dr Flores-Quiroga participated in the panel discussion on energy policy, together with HE Juan José Guerra, Minister of the Environment of Mexico, and Ramón Espinasa, lead oil and gas specialist of the Inter-American Development Bank. The panel focused on key national and regional policy challenges, including the adequate approach to the promotion and regulation of renewables, the contrasting results of oil and gas policies in the region, and the need for greater energy integration to enhance energy security and support economic developments.
Other speakers included HE Alberto Carrasquilla, Former Minister of Finance and Public Credit of Colombia, HE Luis Miguell Castilla, Former Minister of Economy and Finance of Peru, HE Fernando Aportela, Deputy Minister of Finance of Mexico, Harald Beyer, Former Minister of Education of Chile, Dr James Robinson, David Florence Professor of Government at Harvard university.
Washington, United States
This inaugural conference of the Arab Gulf States Institute in Washington (AGSIW), a new think tank, focused on the implications of the sharp and volatile decline in oil prices for investment around the world, with special attention to the interconnections between US unconventional oil production, the economies of the Arab Gulf States, and US Foreign Policy.
Secretary General Flores-Quiroga delivered a presentation and participated as a panelist in the session on “Volatile Oil Prices: Origins, Impact, and Prospects for Energy Producers and Consumers.”
Since its inception, it has become one of the most important annual events in this field, facilitating the exchange of ideas and enabling the participants to share their assessments of current international situations and the future of the world oil market.
This year the overarching theme of the Summit was “Restoring profitability to the oil industry amidst the current environment of costs and prices.” Participants were also encouraged to consider the development of shale oil production in the US, the impact of “low” oil price on demand and on reserves, the effect on NOCs, and on the prospects for mergers and acquisitions.
IEF Secretary General Aldo Flores was invited to participate in an IEA-IEF-OPEC session moderated by M. Olivier Appert, CEO, IFP Energies Nouvelles. Dr Flores’ presentation on “New forces at work in oil supply and demand: Trends, questions and outlook” is available for download below.
New Delhi, India
"10 Years of The JODI-Oil Database 1 Year of The JODI-Gas Database" Lessons Learned and The Shared Path Forward
The 12th International JODI Conference was held in New Delhi, India from 8-10 April 2015. The Conference was generously hosted by the Government of India and organised by the International Energy Forum in cooperation with the JODI partner organisations: Asia Pacific Economic Cooperation (APEC), the Statistical Office of the European Union (Eurostat), the Gas Exporting Countries Forum (GECF), the International Energy Agency (IEA), the Latin American Energy Organization (OLADE), the Organization of the Petroleum Exporting Countries (OPEC), and the United Nations Statistics Division (UNSD). The Conference benefitted from the active participation of 90 delegates representing 25 countries/economies, as well as energy data experts, market analysts from international organisations, financial sector, media, and the industry at large.
The New Delhi conference, which coincided with the 10th anniversary of JODI-Oil and the 1st anniversary of JODI-Gas, was the first occasion on which users of the two data transparency initiatives met in joint session.
The conference convened actors and stakeholders at various stages of the JODI data supply chain ranging from the energy companies that collect the source data, and the national administrations responsible for JODI data reporting, through to the JODI Partners responsible for collating and checking the data quality, and the data users (analysts and reporters) that monitor market trends and disseminate JODI data through their analysis to a wider audience. By bringing all of these stakeholders together, the conference facilitated communication and improved cooperation among them. Enhancement of such interaction is a vital tool in the quest to improve the functionality and reach of the Initiative.
Representatives from industry and national administrations shared their experiences in regard to the collection of complete, accurate and timely data. Discussions highlighted good practices and flagged challenges that impact goals of continuous improvement to the sustainability, timeliness and completeness of JODI data.
During the course of the conference the concept of “better data – better decisions” was strongly reinforced by anecdotal comments from the market experts present. Representatives of the Media who regularly use JODI data in their reports gave an insight into the manner in which they employ JODI data, and made suggestions for enhancements to the Initiative, including recommendations on how to enhance the visibility of JODI to a wider user-base.
Capacity building, which has always been a cornerstone of JODI activity was addressed as a key development issue in New Delhi. Participants emphasized the need to broaden the definition beyond the accepted norm, so that in addition to teaching technical skills to individual participants future work will also account for the need to set up and maintain appropriate structures in reporting institutions, as well as legal and institutional frameworks in JODI-reporting countries.
Reflecting on the outcome of the New Delhi conference the JODI partners reiterated their call on governments of participating countries and economies to ensure that their administrations and organisations in charge of energy data collection are properly equipped and staffed. They also emphasised the notion that governments should implement appropriate regulations to ensure that industry is fully engaged in the process and is required to regularly submit data of the required detail and format.
Please visit the JODI website for the presentations and further details about the event.
Riyadh, Saudi Arabia
The Saudi Economic Association is one of the most respected organisations in its home country for the discussion of national and international economic trends. It has a broad membership encompassing government officials, entrepreneurs and experts.
The subjects of its 18th Annual Meeting included the unconventional oil and gas revolution and its impact on global energy markets, Saudi Arabia’s energy efficiency program, and the outlook for world energy supply and demand.
Secretary General Flores-Quiroga delivered a keynote presentation comparing the short-, medium-, and long-term energy outlooks prepared by the IEA and OPEC, incorporating relevant observations and questions from the 5th IEA-IEF-OPEC Symposium on Energy Outlooks.