THE MINISTER OF PETROLEUM AND MINERAL RESOURCES ALI BIN IBRAHIM AL-NAIMI INAUGURATED AT SECRETARIAT OF INTERNATIONAL ENERGY FORUM THE 6TH JOINT OIL DATA INITIATIVE (JODI) CONFERENCE HERE TODAY. THE MINISTER ADDRESSED THE FOLLOWING SPEECH: "GOOD MORNING: I WOULD LIKE TO START BY THANKING AMBASSADOR ARNE WALTHER, SECRETARY GENERAL, FOR HIS KIND INTRODUCTION AND FOR INVITING ME TO INAUGURATE THE SIXTH JOINT OIL DATA INITIATIVE CONFERENCE. IT IS AN HONOR FOR ME TO BE WITH YOU TODAY AT SUCH A GATHERING OF HIGH-LEVEL EXPERTS IN THEIR FIELDS. IT IS ALSO A DISTINCT PLEASURE FOR ME TO WELCOME YOU TO RIYADH, THE HOST CITY OF THE INTERNATIONAL ENERGY FORUM SECRETARIAT. LADIES AND GENTLEMEN, THE TRANSPARENCY OF DATA AND INFORMATION RELATING TO THE OIL MARKET IS ONE OF THE CORNERSTONES OF THE RELATIONSHIP BETWEEN OIL PRODUCERS AND CONSUMERS. LACK OF TRANSPARENT AND RELIABLE OIL DATA HAS CONSISTENTLY BEEN IDENTIFIED AS AN AGGRAVATING FACTOR IN THE HIGH VOLATILITY OF OIL PRICES, ALONG WITH FACTORS SUCH AS GEOPOLITICS AND MARKET SPECULATION. THE LACK OF RELIABLE DATA ON CRUDE OIL TENDS TO DISTORT ECONOMIC DECISION-MAKING, WITH DAMAGING EFFECTS ON GLOBAL ECONOMIC ACTIVITIES. BOTH PRODUCERS AND CONSUMERS OF OIL HAVE RECOGNIZED THE IMPORTANCE OF IMPROVING THE AVAILABILITY AND RELIABILITY OF OIL DATA IN ORDER FOR THE OIL MARKET TO FUNCTION EFFICIENTLY. THIS MONUMENTAL EFFORT BEGAN AMONG PRODUCERS AND CONSUMERS AT THE SEVENTH MINISTERIAL MEETING OF THE INTERNATIONAL ENERGY FORUM IN RIYADH IN 2000, AND I AM PROUD TO SAY THAT SAUDI ARABIA HAS BEEN A DRIVING FORCE IN THIS INITIATIVE. WE HAVE ALWAYS ACCORDED GREAT IMPORTANCE TO DATA TRANSPARENCY. SIX IMPORTANT INTERNATIONAL ORGANIZATIONS TOOK UP THE CHALLENGE TO IMPROVE DATA AVAILABILITY, AN IN APRIL 2001 LAUNCHED THE JOINT OIL DATA EXERCISE, WITH THE AIM OF ASSESSING THE OIL DATA SITUATION IN THEIR RESPECTIVE MEMBER COUNTRIES TO BETTER QUALIFY AND QUANTIFY THE LACK OF TRANSPARENCY. PROGRESS WAS IMMEDIATE, AND AT THE 8TH INTERNATIONAL ENERGY FORUM IN OSAKA, MINISTERS REAFFIRMED THEIR POLITICAL SUPPORT TO DEVELOP SUCH A SYSTEM OF HARMONIZED OIL STATISTICS. --MORE
