OPEC Bulletin January 2009OPEC Bulletin February 2009OPEC ...

G20 ministers welcome report on
boosting effectiveness of JODI
The G20 countries have welcomed the interim report
prepared by the International Energy Forum (IEF), the
International Energy Agency (IEA) and OPEC aimed at
improving the quality, timeliness and reliability of data
and information compiled by the Joint Organization
Data Initiative (JODI), which is based in Riyadh, Saudi
Arabia.
A meeting of the Group’s Finance Ministers and Central
Bank Governors in Paris, in February, called for further
work on strategies to implement the recommendations
to be detailed in the final report of the three organizations
on the subject.
A communiqué issued at the end of the G20 meeting
said that building on the Riyadh Symposium held
in January, delegates encouraged the IEF to provide
concrete strategies to improve the producer-consumer
dialogue.
“Following our leaders’ request, we call on the
International Monetary Fund (IMF) and IEF, as well as the
IEA, the Gas Exporting Countries Forum (GECF) and OPEC
to develop, by October 2011, concrete recommendations
to extend the G20’s work on oil price volatility to gas and
coal,” it stated.
“We look forward to discussing at our next meeting
the report of the IEF, the IEA, OPEC and the International
Organization of Securities Commissions (IOSCO) on price
reporting agencies, as well as the interim report on food
security currently being undertaken by the relevant international
organizations, and IOSCO recommendations,
and the Financial Stability Board’s consideration of the
next steps on regulation and supervision of commodity
derivatives markets, notably to strengthen transparency
and address market abuses.”
The meeting discussed concerns about the consequences
of potential excessive commodity price volatility
and asked G20 deputies to work with international
organizations and to report back on the underlying drivers
and the challenges posed by the current trends for
both consumers and producers and to consider possible
actions.
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“Keeping in mind the impact of this volatility on food
security, we reiterated the need for long-term investment
in the agricultural sector in developing countries,” said
the communiqué.
It stressed that the G20 was committed to pursuing
the reform of the financial sector. “Despite good
progress, significant work remains,” the communiqué
pointed out.
Delegates noted that the global recovery was
strengthening, but was still uneven and downside risks
remained.
“While most advanced economies are seeing modest
growth and persisting high unemployment, emerging
economies are experiencing more robust growth, some
with signs of overheating.
“We reaffirm our willingness to ensure a consistent
and coordinated response to the challenges we face,
address the root causes of the crisis and restore global
economic growth on a sounder basis.
“We also reaffirm our commitment to coordinated
policy action by all G20 members to achieve strong,
sustainable and balanced growth,” the communiqué
stated.
OPEC bulletin 3/11
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