Press Release: Public release of trade data - A new milestone is reached

JODI data on imports and exports were released to the public for the first time on 18 March 2008. This step represents further JODI progress toward enabling broader access to accurate and timely information on the oil market. Two years after the public launch of the JODI World Database, its expansion remains a key factor in improving oil data transparency.

Moreover, the IEF Secretariat and the JODI partner organisations (APEC, Eurostat, IEA, OLADE,OPEC and UNSD) are taking a series of actions to further improve the quality of data submissions to JODI, especially with respect to completeness, timeliness and reliability.

JODI partner organisations are greatly encouraged in their efforts by the regular references to JODI manifested by energy Ministers around the globe. However, additional efforts are needed from countries and these efforts will be discussed by Ministers meeting at the 11th IEF in Rome on 20‐22 April 2008. Ministers are strong advocates of data transparency and their support of JODI has been a key element in the initiative’s success to date.

Lack of accurate, clear oil data is an aggravating factor to the volatility of oil prices. One of the objectives of the Joint Organisations Data Initiative is to provide a complete, timely and comprehensive database and a freely accessible reliable and accurate assessment of the global oil situation. The database, accessible at jodidata.org, is now being used by analysts all around the globe. The release of trade data should further increase their interest and further improve oil data transparency.

e‐mail: jodinfo@iefs.org.sa