The Jeddah Energy Meeting appealed for increased investment in crude production to ensure markets have sufficient supplies, said a final statement issued here Sunday. “An appropriate increase in investment, both upstream and downstream, is necessary to ensure that the markets are well supplied in a timely and adequate manner,” the closing statement said. It also called for improved transparency and regulation of financial markets dealing in crude. The communiqué said that “the transparency and regulation of financial markets should be improved through measures to capture more data on index fund activity and to examine cross-exchange interactions in the crude market.” The participants also agreed on the following: l The data submitted through the monthly Joint Oil Data Initiative (JODI) be enhanced. The seven organizations involved in JODI (APEC, Eurostat, IEA, IEF, OLADE, OPEC and UNSD) will start work on annual data, including upstream and downstream capacities and expansion plans. l There should be immediate collaboration between the IEA, OPEC and IEF in preparing shared analyses of oil market trends and outlook, as well as the impact of financial markets on oil prices, which can be used to better understand the market situation. l Development assistance from the national, regional and international finance and aid institutions must be intensified. l Cooperation is strengthened among international, national and service companies from all oil producing and consuming countries in investment, technology and human resource development. l Energy efficiency is promoted in all sectors through passing on market price signals, technology transfer and the sharing of best practices in energy production and consumption. __
