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2nd G20 Energy and Sustainability Working Group Meeting

Istanbul, Turkey

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.

In 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.

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