Worldwide Support For JODI

Supporting on-going efforts by the JODI Partners to improve energy data transparency is fundamental in the promotion of market stability. The contributions of JODI-Oil and JODI-Gas in this regard can be strengthened through greater visibility and enhanced access of JODI data, including the preliminary release of information on stocks and greater transparency regarding policy plans. Expansion of the JODI database to cover other energy sources is a welcome objective that requires further exploration to ensure that adequate funding and processes are in place and that JODI-Oil and JODI-Gas continue to improve, and eventually lead to an inclusive JODI-Energy data collaboration.

"The United States and China are to enhance transparency in the energy sector, including to increase cooperation on energy market transparency. The U.S. Energy Information Administration commits to share expertise in gathering and distributing energy data. China is to develop the capacity to publish more complete public energy statistics on a more frequent basis, and enable stronger cooperation with the Joint Organizations Data Initiative. The United States and China are to cooperate on strategic petroleum reserves, through information exchanges on policies, management, and technologies and through annual technical meetings of U.S. and China strategic petroleum reserve authorities".

We reaffirm our determination to improve transparency and functioning of commodity markets in order to prevent excessive price volatility and which can foster investment in energy infrastructures. We will present to our Leaders a report on the G20 contribution to the transparency of commodity markets at the St Petersburg Summit. We will continue working to improve the timeliness, completeness and reliability of the JODI-Oil and look forward to the IEF report for our October meeting, including on ways to make JODI data available more quickly to a wider selection of users. We welcome progress on the JODI-Gas database and look forward to its full launch by the earliest possible date.

We will continue working to improve the timeliness, completeness and reliability of JODI-Oil and look forward to a progress report this year. We welcome progress on the JODI-Gas database and look forward to its launch in 2013.

We recognize that excessive price volatility in energy commodities is also an important source of economic instability. We remain committed to well-functioning and transparent energy markets. We will continue to work to improve the timeliness, completeness and reliability of JODI-Oil and look forward to a progress report next year. We will work on the JODI-Gas database on the same principles.

The Joint Organisations Data Initiative (JODI), previously known as Joint Oil Data Initiative, a concrete achievement of the global energy dialogue, received strong recognition as an important source of information on oil markets. However, it is important to remember that JODI success requires the strong and continuous commitment of all stakeholders. The Forum called on participating countries/economies to scale-up their efforts to improve data submission, completeness, timeliness and quality.

53. We commit to more transparent physical and financial energy markets. Commodity derivatives are being addressed as part of our financial regulation reform agenda. We have made progress and reaffirm our commitment to improve the timeliness, completeness and reliability of the JODI-Oil database as soon as possible. ...

9. ...Participants also reiterated full support to the Joint Organisations Data Initiative (JODI) while calling for increased oil and natural gas market transparency and further efforts to combat price volatility.

Commodity prices face increasing pressures. We welcomed the recommendations of the IEF, IEA and OPEC and committed to improve the timeliness, completeness and reliability of the JODI Oil database.

While reaffirming their commitment to providing timely and accurate data to JODI, Energy Ministers have envisaged co-operation in expanding, in due course, the initiative to include data on other sources of energy that are important in the world energy mix, and disseminate other data relevant to the energy markets such as natural gas and annual investment in oil and gas upstream and downstream.

We recognize the importance of a well-functioning and transparent market in oil for world economic growth. We strongly support the Joint Oil Data Initiative (JODI) and ask the IEF, IEA and OPEC for a report suggesting specific steps in order to improve the quality, timeliness and reliability of the JODI Database. The report should include a proposed timeframe and implementation strategy, which will explore the ways to improve data availability on oil production, consumption, refining and stock levels, as appropriate. An intermediate report should be submitted to the February 2011 Finance Ministers’ meeting, with the final report submitted to the April 2011 Finance Ministers’ meeting.

We instruct the EWG and EGEDA to continue collecting complete, accurate and timely oil and gas data for contribution to the Joint Oil Data Initiative (JODI) in cooperation with other relevant bodies where necessary, to extend their capacity building in energy statistics to interested economies, and to support multilateral initiatives for more transparent and less volatile energy commodity markets.

Data transparency is essential to efficient oil and gas market stability. Greater transparency aids in price discovery and limits volatility, thus reducing uncertainty for investors. Ministers commended the improvement of the performance of countries participating 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.

We reconfirm our commitment to working with our partners in the Joint Oil Data Initiative (JODI) to improve transparency through further data exchanges and by broadening JODI to include data on natural gas and to explore the possibility to extend JODI to oil and gas investment plans and reserves.

We note the Joint Oil Data Initiative as managed by the International Energy Forum (IEF) and welcome their efforts to examine the expansion of their data collection to natural gas.

Transparent and well-functioning energy markets are essential prerequisites for reducing investment risks and uncertainties both in producing and consuming countries. We therefore emphasise the need for timely and reliable data on demand, supply, stocks, spare capacity and investment plans. To this end, we continue to strongly support the Joint Oil Data Initiative (JODI), managed by the IEF, and call for all countries to cooperate in improving quality, completeness and timeliness of data. We also strongly support the IEF’s work on initiating the collection of annual data on investment plans. We believe that greater transparency in gas markets is required. We therefore call upon the IEF to examine the possibility of extending JODI-type activities to natural gas.

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. We encourage the IEF Secretariat to continue its work on extending JODI-type activities to the natural gas system and to report on progress made to the 12th IEF Ministers Meeting in Mexico in 2010. We encourage as well to continue the activity regarding information on upstream and downstream capacities and expansion and investment plans.

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 countries, and also encouraged these organizations and countries to make further improvements to JODI to provide more complete and timely energy data, including stock data, and the inclusion of gas-related data.

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, notwithstanding welcome progress under the Joint Oil Data Initiative (Jodi).

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. Already, about 90 countries participate in JODI, but of the 24 EITI candidate countries, only five do. Hopefully, as EITI countries become used to transparency, more of them will sign up to JODI.

Quality, completeness and timeliness of oil data submitted through the monthly Joint Oil Data Initiative (JODI) should be enhanced. In order to further improve market transparency and stability, the seven organizations involved in JODI (APEC, Eurostat, IEA, IEF, OLADE, OPEC and UNSD) are called upon to start work to cover annual data, that includes, among other things, upstream and downstream capacities and expansion plans.

We Welcome the positive outcome of the International Energy Forum (IEF) held in Rome in April 2008 and encourage the IEF to swiftly build on this outcome, delivering a programme of activities that drive shared analysis by producer and consumer countries tackling: barriers to energy investment; technology development; market transparency; cooperation between International and National Oil Companies; human capital through their energy sector skills initiative; and energy poverty. We invite the IEF to report progress with their work programme in 2009. We will participate fully in the Joint Oil Data Initiative (JODI) and will provide timely, reliable and complete data to the initiative. Through such cooperative activities, both oil consuming and producing countries should strive to eliminate future uncertainties about oil supply stability.

We reaffirm our support for the Joint Oil Data Initiative (JODI) as an international initiative that addresses investor uncertainty, contributes towards global harmonisation of energy data, and strengthens producer and consumer dialogue by demonstrating concrete action. We encourage APEC economies to report timely, accurate and complete data on oil reserves, supply and demand, stocks and production under the JODI. We direct the Energy Working Group (of APEC) to continue to provide training through JODI for economies to undertake this task and to contribute towards the JODI World Database.

More timely and complete data on oil consumption, production, trade and stocks help to increase transparency in the oil market and decrease room for speculation by dampening oil price volatility, Ministers said" The Joint Oil Data Initiative (JODI) was commended by the Forum because it is adding the transparency to the oil market. More needs to be done. A strong commitment among Ministers was detected to further advance JODI to make it the key source of oil data in the world.

The Forum underscored the importance of transparency and exchange of energy data for market predictability and stability, providing also for a more stable investment climate while supporting planning and enhancing global energy security. Ministers reaffirmed their commitment to providing timely and accurate data to JODI and envisaged co-operation in expanding, in due course, the initiative to include data of other sources of energy that are important in the world energy mix.

We welcome the beginning of implementation of the Joint Oil Data Initiative (JODI) and will take further action to improve and enhance the collection and reporting of market data on oil and other energy sources by all countries including through development of a global common standard for reporting oil and other energy reserves. In this respect, we will invite the IEF to work on the expansion of JODI membership and to continue to improve the quality and timeliness of data.

We support the Joint Oil Data Initiative and see value in it being extended to other energy sectors, like gas, and incorporating a common definition of energy reserves.

Encourage the flow of information, bilateral and multilateral exchanges and the development of energy research networks within Asia and Joint Oil Data Initiative (JODI), coordinated by the Secretariat of the International Energy Forum, at the international level.

Ministers [of Energy] reaffirm the importance of reliable, comparable and timely energy statistics, based on internationally accepted definitions and methodologies, for analysis and policy making, and of forecasting for the formulation of long-term energy strategies in the Mediterranean Partner Countries. They are conscious of the need for more transparency on energy markets and encourage the development of the Joint Oil Data Initiative (JODI) which aims at reporting on countries' oil data.

The realisation of the negative impact of the unusually high volatile oil prices on economies of nations around the globe gave birth to the formation of JODI. This point is very important for us non-producing countries, but especially for Africa. Chief among the reasons for such volatile oil prices was deemed to be the lack of transparent and reliable oil statistics.

The International Energy Forum is a new meeting place that aims to find a common approach to global energy challenges. It enhances energy security worldwide by recognizing the interdependence of all member countries regardless of their energy perspective, and promotes transparency and mutual understanding between participating members. In this sense, the JODI initiative developed by the IEF that leads us all to communicate on our current use of energy is an essential element to understand the current trends of energy market worldwide and to limit speculations.

The Joint Oil Data initiative ... enjoys a particular importance since it helps countries to better plan for the future. It also contributes to stabilizing the international market, because the absence of accurate and clear data is one of the most important problems that face the international market and industry, especially in significant issues such as supply and demand, production, reserves, etc. I do not exaggerate when I say that shortage in accurate oil information is one of the reasons for the crises that the international market witness nowadays.

Reinforcing statement by the G7 – the global economy and oil statement agreed at the Summit emphasized the important role played by the dialogue between producing and consuming countries in the International Energy Forum. It also recognized the importance of the Joint Oil Data Initiative (JODI), which was launched on 19 November, an example of producer/consumer collaboration involving some 90 countries. JODI is an important step toward achieving a better functioning and more transparent market. Improved data on global oil demand, supply and stocks is essential for better-informed decisions by governments and companies.

OPEC attaches great importance to JODI, which it regards as an essential tool for improving overall transparency in the oil market. The organization is committed to improving data flow, which it feels is one of the important prerequisites for determining future supply and demand patterns and helping bring stability to the international oil market.

Efforts to enhance transparency are another key requirement. The creation of the IEF and the Joint Oil Data initiative (JODI) are important steps in this direction. We at the IMF acknowledge the important contributions that JODI is making and are assisting this exercise by incorporating energy statistical practices in our country-level Data Dissemination standards initiatives and collaborating with member countries to improve reporting of oil-related statistics.

We also support the Joint Oil Data Initiative (JODI) managed by the IEF Secretariat. We believe it is important to take further action to improve and enhance the collection and reporting of market data on oil and other energy sources by all countries including through development of a global common standard for reporting oil and other energy reserves.

The Joint Oil Data Initiative, operated by the IEF Secretariat, pays a significant role in the efforts for information-sharing among energy producers and consumers, thus enhancing market transparency and stabilizing the international oil market.

We see in JODI a unique vehicle to bring about greater transparency and better data that can reduce market volatility and enhance global energy security. We are happy to see the increasing attention that JODI is getting on the international scene. Not least the importance attached to expanding JODI and improving the quality of data by the G8 Heads of Government in the St. Petersburg Plan of Action on Global Energy Security adopted at their Summit last year.