IEF Chief: Oil data transparency must be improved
Oil production and export clarity would prevent flash market shocks
The head of the International Energy Forum has advocated increased oil data transparency from the region's oil producers in the interests of stabilising oil prices.
The address came hours after an unexplained flash crash on oil markets saw $4 wiped from WTI and Brent benchmarks Ian few minutes.
"if you want markets to be stable, you should be working towards market transparency," IEF Secretary General Aldo Flores-Quiroga told an industry conference in Dubai today.
FQ pointed to the differing cumulative forecasts of oil demand between OPEC, the producer's cartel, and the IEA, the lobbying group for oil consumers in advanced economies, noting that to 2035 there is a discrepancy of 30 million barrels a day between the two. Discrepancies like this matter, said Flores-Quiroga.
"what you estimate about demand will influence what you do about supply," said Flores-Quiroga, who advocates market participants get together to analyse their differences in the interests of price stability and transparency.