Global co-operation between oil producers and consumers received a major boost in November last year with the launch of the International Energy Forum (IEF) Secretariat in Riyadh.

The IEF headquarters, formally inaugurated by King Abdullah, sets the stage for future interaction and constructive dialogue between oil producers and consumers, a movement that began in Paris way back in 1991.
The Secretariat will assist in furthering and strengthening ties among producers and consumers as they address a widening spectrum of common concerns relating to the international oil market, principal of which are ensuring long-term security of supply and demand and mobilising the necessary investment the industry will require in the challenging years ahead when global energy use is set to rise considerably.
The secretariat of the IEF, which is chaired by Arne Walther, will also be tasked with coordinating the Joint Oil Data Initiative (Jodi), which was launched on the same day.
Jodi will bring together information supplied by several international institutions in order to increase the transparency of data (reduction of lead time for availability of monthly data, harmonisation of data on production, trade, demand and stocks).
Data collected under the aegis of Jodi will cover in excess of 90 per cent of world oil production and consumption.
King Abdullah underlined the need for oil consuming countries to relieve the burden sustained by their citizens by cutting taxes on oil products if oil prices rise. He described Saudi oil policy as clear and characterised by credibility and transparency.
He said, "We are part of this world ... our national interests do not contradict those of the international community."
"The Saudi oil policy is based on two fundamental pillars, first to have reasonable and fair oil prices and second to ensure enough oil for all consumers.
"To meet these two objectives, the Kingdom has increased its production capacity in a way that does not affect the rights of the coming generations and does not harm the oilfields."