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IEF-Bank of Canada Workshop on Commodity Cycles and their Implications

25 April 2016

Ottawa, Canada

The Secretary General of the of the International Energy Forum (IEF), Aldo Flores-Quiroga opened the IEF-Bank of Canada Workshop on Commodity Cycles and their Implications that was jointly organised with the Bank of Canada on 25 April 2016 in Ottawa, Canada. The Deputy Governor of the Bank of Canada, Timothy Lane concluded the meeting on behalf of the hosting organisation.

The Workshop discussed recent developments across various commodity markets and evaluated their implications for economic stability and oil market security. Accomplished academics and practitioners presented their research findings and insights in three sessions moderated by Cesaire Meh, Chief International Economic Analysis of the Bank of Canada, Timothy Lane, Deputy Governor of the Bank of Canada, and Adam Sieminski, Administrator of the U.S. Energy Information Administration (see below detailed agenda including research papers and presentations).

In the First Session, "Technological Advancement and Commodity Dynamics", discussants addressed how technology advancements have affected commodity cycles and to what extent these explain recent market fluctuations.

The Second Session, "Distributional Effects of Commodity Shocks", focused on how commodity price shocks affect welfare across different countries and economic sectors. Participants discussed the role of monetary policy in the face of commodity shocks.

The Third Session, "Implications of Oil Market Shocks", assessed the impact of pronounced oil market movements across industries, labour markets, and individual countries, in an effort to identify the factors that determine how countries respond to commodity market fluctuations.

Review the event on the Bank of Canada Website

The Secretary General of the International Energy Forum concluded the Workshop with a moderated panel discussion on Swing Production and The Role of Credit among senior industry and financial sector practitioners. Panelists discussed the impact of credit markets on production and the changing dynamics in spare capacity and storage between producing and consuming countries.

The meeting was governed by the Chatham House Rule and participation was by invitation only. To find out more, please contact Christof van Agt, Senior Energy Analyst, IEF ( or Mr Bahattin Buyuksahin, Policy Adviser, Commodities, Bank of Canada (

Session I: Technological Advancement and Commodity Dynamics

Session Moderator: Cesaire Meh, Chief- International Economic Analysis, Bank of Canada


Research Papers

Session II: Distributional Effects of Commodity Shocks

Session Moderator: Timothy Lane, Deputy Governor, Bank of Canada


Research Papers

Session III: Implications of Oil Market Shocks

Session Moderator: Adam Sieminski, Administrator, U.S. Energy Information Administration


Research Papers

Session IV: Panel: Swing Production and the Role of Credit

Session Moderator: Aldo Flores-Quiroga, Secretary General, International Energy Forum


Research Papers

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