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8/2/2019 01. Data Transparency and Oil Market Bogota
1/13
JOINTOILDATAINITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue 66thth Regional JODI Training WorkshopRegional JODI Training Workshop
2626--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
The petroleum sector and international oil market:
Importance of oil data transparency
Said Nachet
Energy Director
International Energy Forum
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINT OIL DATA INITIATIVE A Concrete Outcome of the Producer - Consumer Dialogue
66ththRegionalJODITrainingWorkshop,26
RegionalJODITrainingWorkshop,26--28July2010,Bogota,Colomb
28July2010,Bogota,Colomb
020
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Jan-2000
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Oct-2006
Jan-2007
Apr-2007Jul-2007
Oct-2007
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A 2008
Crude
OilPr
ice
($/bbl)
S
harpswingsofoilprice
saswellas
highv
8/2/2019 01. Data Transparency and Oil Market Bogota
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InternationalEn
ergyForum
Glo
balEnergyDialogue
Oil price variation impacts other energy prices as well
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Energy Security
Economic Growth
PRODUCERS CONSUMERS
Continuity of energy supply
Acceptable
energy prices
Affordable
energy prices
+ +Security of
Supply
Security of
Demand
Energy Security = continuity of energy supply ataffordable energy prices for
consumers andacceptable energy prices forproducers
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Continuity of Energy Supply
Energy Markets
Energy Policies
Climate Change mitigation
Resources
Finance
Technology
Markets
Investment
Stability
Predictability
Coordination
Accessibility
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
oil price volatility
Investmentuncertainty
Uncertain revenues
Hinders future planning
& investment in
supplies
Economic impacts
Impacts on developing
countries
Impacts economic
growth
Lack of incomplete and/or accurate oil data
+ delays in submission
Renewable energy competitiveness
R&D policies
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Why?
Markets hate uncertainty
and the unknown
Better assessment of the
physical market leads to
better investment and
pricing decisions
Sound analysis of oilmarket requires accurate
information
What needs to be done?
More timely, better quality
data
Improve transparency on
historic data (demand,
supply, stocks)
Improve transparency on
future data (investment)
Improved transparency is crucial
8/2/2019 01. Data Transparency and Oil Market Bogota
8/13
JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-
ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
SECURITY OF OIL SUPPLY and SECURITY OF OIL DEMAND are actually thetwo sides of the same coin.
SECURITY OF OIL SUPPLY is better achieved with stable oil prices whichprovide the right environment for investment to take place.Accuracy isimportant to give oil market actors the real picture of the market balance atany point of time.
SECURITY OF OIL DEMAND is requested by producing countries. Stable oilprices are the best way to give confidence to consumers and to helpdrawing stable energy policies over time. Lack of transparency fuels market
anxiety . Timeliness of data submission is important.
Both producers and consumers will benefit from a morestable and transparent oil market
Market Data Transparency matters
8/2/2019 01. Data Transparency and Oil Market Bogota
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JOINTOILDATAI
NITIATIVE
AConcreteOutcomeoftheProducer-ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Domestic
level
Globallevel
- Energy data collection at
domestic level
- Using most common
international definitions
and standards
Information Sharing
- Global energy data- Better assessment of the
energy market at the global
level
Energy policy(investment along the energy
chain, energy pricing, i.e. taxes
and subsidies, market and
industry regulation,
environmental issues, etc.)
- Improved efficiency andpredictability of the global
market
- Reduced uncertainty for
market players (short term)
and investors (long term)
Global Market Stability
Better informed energy market why do we care?
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JOINTOILDATAINITIATIVE
AConcreteOutcomeoftheProducer-ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
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 countriesChairs Summary, The 3rd Asian Ministerial Energy
Roundtable, 26 April, 2009, Tokyo, Japan
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, notwithstandingwelcome progress under the
Joint Oil Data Initiative
(JODI).John Lipsky, First Deputy
Managing Director, International
Monetary Fund, 4th OPECInternational Seminar, Vienna,
March 18, 2009
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. Hopefully,
as EITI countries become used to transparency,
more of them will sign up to JODI.Takatoshi Kato, IMF Deputy Managing Director, 4th
Extractive Industries Transparency Initiative (EITI)Global Conference Doha, Qatar, February 17, 2009
JODI enjoys strong support ..
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JOINTOILDATAINITIATIVE
AConcreteOutcomeoftheProducer-ConsumerDialogue
66thth Regional JODI Training Workshop, 26Regional JODI Training Workshop, 26--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Quality, completeness and timeliness of oil data submitted through the monthly
Joint Oil Data Initiative (JODI) should be enhanced.
Joint Statement by the Kingdom of Saudi Arabia and IEA, IEF and OPEC Jeddah EnergyMeeting, Jeddah, Saudi Arabia, 22 June 2008
We note the Joint Oil Data Initiative .. and welcome their efforts to examine the
expansion of their data collection to natural gas.20 Summit of Leaders G20 Leaders Declaration (Paragraph 28)
Pittsburg, USA 24-25 September 2009
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.Joint Statement by the G8 Energy Ministers, the European Commission and other 15 Energy
Ministers, G8 Ministerial Meeting, 25 May 2009, Rome, Italy
JODI enjoys strong support ..
Ministers commended the improvement of the performance of countriesparticipating 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.12th International Energy Forum, 4th International Energy Business Forum, Cancun, 30-31
March 2010
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JOINTOILDATAINITIATIVE
AConc
reteOutcomeoftheProducer-ConsumerDialogue 66thth Regional JODI Training WorkshopRegional JODI Training Workshop
2626--28 July 2010, Bogota, Colombia28 July 2010, Bogota, Colombia
Thank You