Representatives from 87 countries will sign the IEF charter
IEF charter aims at stability of oil market
A momentous expansion of the International Energy Forum (IEF) takes place in Riyadh on Tuesday when energy officials from more than 80 nations and leading international organizations sign a charter committed to bringing stability to global markets.
It is the highlight of the Extraordinary IEF Ministerial Meeting, which will also spotlight new levels of international cooperation designed to increase transparency and access to information on both the supply and demand sides of the energy equation.
Dialogue between oil producers and oil consumers is extremely important to keep market volatility in check, said Assistant Minister of Petroleum and Mineral Resources Prince Abdul Aziz bin Salman during a Tuesday evening press conference at the King Abdullah Conference Center.
He said representatives from 87 countries will sign the IEF charter, which calls for protecting the interests of both the producers and the consumers.
About the fair price for oil, he said: “We are going by the views of King Abdullah who said $70-$80 a barrel is a fair price. This is a suitable price for both producers and consumers, and it is justified because it enables producers to invest, it is justified because it does not harm consumers.”
The agreement paves the way for expanded cooperation between the IEF; the IEA, affiliated with the Organization for Economic Cooperation and Development; and OPEC through the IEF secretariat.
Among the initiatives to improve stability in international markets is the joint organizations data initiative (JODI), which creates a massive global energy database with partner organizations Asia-Pacific Economic Cooperation (APEC), the European Union, IEA, the Energy Organization of Latin America (OLADE), OPEC and the United Nations Statistics Division.
India, which is among the top Asian consumers of oil along with China, is being represented by Petroleum and Natural Gas Minister Jaipal Reddy.