Mitigating Energy Market Volatility Noé van Hulst, Secretary General, International Energy Forum (IEF) International Energy Forum G20 Conference on Commodity.

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Presentation transcript:

Mitigating Energy Market Volatility Noé van Hulst, Secretary General, International Energy Forum (IEF) International Energy Forum G20 Conference on Commodity Price Volatility | September 2011 | Istanbul

International Energy Forum IEF covers key consuming & including those outside IEA and OPEC Around 90% of Global Oil & Gas Supply and Demand… Neutral Facilitator of Global Energy Dialogue Covers key producing, consuming and transit countries including those outside IEA and OPEC International Energy Forum

International Energy Forum Fresh IEF Charter Signed by 86 countries at Extraordinary IEF Ministerial Meeting (22 February 2011) Includes all major energy producers and consumers Reinforces commitment (producers / consumers / transit) Procedure for Extraordinary Ministerial Meeting

International Energy Forum Mitigating Energy Market Volatility IEA / IEF / OPEC cooperation Shared analysis of future trends Linkages - physical and financial markets Enhancing data transparency (oil, gas, investment) Strong support from G20

International Energy Forum Shared Analysis of Energy Market Trends and Outlook 2011 Oil Markets: Consensus on comfortable demand / supply balance / high spare capacity Medium-term: Reduce uncertainty to facilitate investment Long-term: Consensus ample availability of oil resources Need for: Harmonisation of definitions and better explanation of divergences to market Annual Symposium on Outlooks (2 nd will take place on 23 January 2012)

International Energy Forum Linkages between Physical and Financial Markets Emergence of oil as an asset class; Wide divergence of views: Fundamentals vs financials Consensus: Greater transparency (oil inventories, OTC) Need for strong international co-ordination of regulation Continue “horizontal” dialogue between physical / financial oil markets 2 nd IEA / IEF / OPEC Workshop 29 November 2011

International Energy Forum Enhancing Data Transparency Report to G20 Finance Ministers (April 2011) Report to G20 Finance Ministers (October 2011) Oil spot market prices - assessment by oil price reporting agencies Price volatility of oil / gas / coal Joint Organisations Data Initiative (Jodi) Performance

International Energy Forum Report to IEF Ministers & G20 Finance Ministers (April 2011) Jodi Organisations: New tools / practices, enhance interaction with data users Training Statisticians, upgrade website / database Countries: Energy data offices better equipped / staffed Appropriate regulation and tackle confidentiality Target: 3 “Smiley Faces” before year-end 2011 Improving the Quality of

International Energy Forum Monthly gas data Launch before end 2011 supply, demand, stocks Cooperation with all relevant organisations (including GECF) Annual data, start with First results in 2012 capacity expansion, upstream / downstream critical for demand / supply balance medium - term Extension of to Gas and Annual Investment Data

International Energy Forum The Way Forward Strengthen IEF’s neutral facilitator role Deliver results for IEF13 (Kuwait March 2012) & G20 on: Transparency (Jodi-Oil/Gas/Investment) Investment (NOC-IOC, Jodi Investment) Sustainability (Energy Efficiency, Energy Poverty)

International Energy Forum