exchange interactions in the crude market. • That the quality, completeness and timeliness of oil data submitted through the monthly Joint Oil Data Initiative (JODI) should be enhanced. In order to further improve market transparency and stability, the seven organizations involved in JODI (APEC, Eurostat, IEA, IEF, OLADE, OPEC and UNSD) are called upon to start work to cover annual data, that includes, among other things, upstream and downstream capacities and expansion plans. • That there should be immediate collaboration between the IEA and OPEC Secretariats, together with the IEF Secretariat, on preparing shared analyses of oil market trends and outlook, as well as of the impact of financial markets on the level and volatility of oil prices, which can be used to better understand the market situation. • That development assistance from the national, regional and international finance and aid institutions, is intensified, to alleviate the consequences of higher oil prices on the least-developed countries. • That co-operation is enhanced among international, national and service companies from all producing and consuming countries in investment, technology and human resource development. • That 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. The host and the parties to this statement will convene a working group to follow up the needed actions from the above, as appropriate. Participants welcomed the kind invitation from the UK government to hold a meeting on the progress made on the above issues in London before the end of the year. -- SPA
