By CHIKA IZUORA,
Wednesday, October 5, 2005.

A NEW oil database, prepared with the help of seven energy organizations and nearly 95 oil producing and consuming countries, will be published periodically after being released to the public near the end of the year. The database is prepared as part of a Joint Oil Data Initiative (JODI) by the Intertional Energy forum Secretariat (IEFS) and other energy organizations.

“The new database will promote data Sharing and market transparency, “said Ame, Walther, IEF’ S secretary-General.
He said that the Riyadh was coordinating with major energy organizations to release the JODI World Database. Walther said the JODI was progressing satisfactorily with the help of “the participating countries, which account for over 95 per cent of world oil production and consumption.

Walther spoke to the press about the JODI, the need for more dialogue among oil producers and consumers, the oil market and regional cooperation with the World Petroleum Congress (WPC) to be hosted by South Africa. Al-Naimi, Saudi Minister of Petroleum and Mineral Resources was believed to deliver his key address at the 18th WPC on September 27.
Walther will also particpate in the five-day Johannesburg meeting.

Refering to the new oil database, he said: “The IEFS is working with the Asian Energy Research Center (APEC), the’Statistics Office of the European Union (EUROSTAT) , the Interna tional Energy Agency (lEA) the OPEC, the Latin-American Energy Organization (OLADE) and the UN Statistical Division (UNSO) to release the database. The joint effort, aiming at improving the quality and transparency of information on oil statistics involves assessing, the current
availability of monthly oil data.

He referred to the role played by IEFS in the, “Roundtable of Asian Ministers on Cooperation in the Oil and Gas Economy” organized early this year by Indian minister of Petroleum and Natural Gas.

The next meeting of Asian ministers regional energy interdependence will be hosted by Saudi Arabia, said Walther.
The EF chief said: “We are also facilitating other regional dialogue and we are involved in the EuroGulf projects.”

EuroGulf is a research project on EU-GCC energy relations supported financially by European Commission (EC) and involving a consortium of European and Arab institutes. Moreover, the UN has invited IEFS to contribute to the focus to be on energy development in 2006-2007, following the Johannesburg world summit.