Shri Saurabh Chandra, Secretary, Ministry of Petroleum and Natural Gas, Govt. of India today inaugurated the 12th International Joint Organization Data Initiative (JODI) Conference. The conference is being held from 8th to 10th April, 2015. It is being attended by officers of International Organizations dealing the energy sector, participants from 25 Countries and Indian participants from across the energy sector.
Secretary, PNG while welcoming the participants, appraised the gathering about the reforms that have taken place in the Indian oil and gas sector in the last few months. He emphasized the need for data collection and collation for working towards energy security. He congratulated JODI on its role in the same.
In the late 1990s, Energy Ministers identified the lack of transparent and reliable oil statistics as a key contributor to oil price volatility. Producers and consumers alike stepped up efforts to improve the availability and reliability of oil data, and Ministers at the 7thInternational Energy Forum in Riyadh urged a global response to the challenge of greater transparency. Six international organizations -APEC(Asia-Pacific Economic Cooperation), Eurostat(Statistical Office of the European Communities), GECF (Gas Exporting Countries Forum), IEA (International Energy Agency), OLADE (Latin American Energy Organization), OPEC(Organization of the Petroleum Exporting Countries) &UNSD (United Nations Statistics Division) combined their efforts, involved their Member Countries and in April 2001 launched the Joint Oil Data Exercise. The primary goal was to raise awareness among oil market players about the need for more transparency in oil market data. The first priority of the six organizations was to assess the oil data situation in their respective member countries. Today there are over 70 participating countries in JODI, representing 90% of global oil supply and demand
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