At the first G20 Energy Ministers’ Meeting in Istanbul on 2 October 2015, the Secretary General of the International Energy Forum (IEF) raised energy market transparency as a key factor in assessing the global oil supply demand balance and facilitating investment decisions under the current environment of uncertainty.
In the course of the dialogue hosted by the government of Turkey, Dr Aldo Flores-Quiroga called on the G20 Energy Ministers to step up their support for the Joint Organisations Data Initiative (JODI). Better reporting as well as the inclusion of other energies in data collection and dissemination efforts will lead to better energy policy and investment decisions.
The IEF hosts the producer-consumer dialogue and coordinates JODI in collaboration with the JODI partner organisations (APEC, Eurostat, GECF, IEA, OLADE, OPEC, and UNSD). The G20 has embraced JODI as the key platform for energy market data transparency. G20 leaders agreed to work together to encourage and facilitate the collection and dissemination of high quality data and analysis in the G20 Principles for Energy Collaboration. A recent survey carried out on behalf of the G20 showed that G20 institutions use JODI more often than others to collect data but that improvements can be made especially on the quality of non-OECD data.
G20 Ministers used the occasion to welcome the joint work of the IEA, IEF and OPEC to further understand energy outlooks and the interaction between physical and financial markets and encouraged them to continue with their fruitful collaboration.
The G20 Ministers’ Meeting Communiqué of 2 October 2015 reflects the outcomes of these discussions that shall be presented at the G20 Leaders Summit in Antalya on 15-16 November 2015 by the Turkish Presidency.
IEF reports on the G20 Energy and Sustainability Working Group Meetings held in 2015 are avalable through the links below, together with the key documents of the G20 Energy Ministers’ Meeting.