World energy producers and consumers pledged greater cooperation and called for transparent markets here on Wednesday to tackle oil price volatility seen as damaging to economic recovery. “With regard to energy market volatility, energy markets should be as transparent as possible,” said a joint declaration issued by the International Energy Forum (IEF)at the end of a two-day meeting in the beach resort of Cancun. It also agreed to strengthen dialogue between leading oil producers, such as Saudi Arabia and Russia, and key consumers including the United States and China - in a bid to eliminate the risk of excessive price volatility. Oil prices surged to all-time peaks of above $147 a barrel in July 2008, before the severe global economic downturn saw them crashing to just $32. They have steadily recovered, trading in recent months mostly between $70 and $80- a level deemed acceptable by producers and consumers. On Wednesday, benchmark crude for May delivery climbed by $1.39 to settle at $83.76 on the New York Mercantile Exchange. In London, Brent crude rose $1.42 to settle at $82.70 on the ICE futures exchange. In Cancun meanwhile, the ministerial declaration “decided to strengthen consumer-producer dialogue... for reducing the volatility in energy markets,” Saudi Arabia's Oil Minister Ali Al-Naimi told a press conference.
