IEF urges greater energy data transparency to improve market resilience

The Riyadh-based International Energy Forum on May 15 called on governments and industry stakeholders to protect energy infrastructure and trade routes, as well as increase data transparency to bolster market confidence.

"Ongoing developments in the Middle East highlight that energy security, market stability, affordability, and inclusive transitions depend on dialogue and data sharing," the IEF said in a statement.

The IEF was formed to support dialogue between energy producers and consumers. It hosts the Joint Organizations Data Initiative, a repository of supply and demand oil and gas data that is self-reported by some of its member countries.

It said that the current crisis highlights "significant data gaps and reporting delays," resulting in "blind spots" on how much oil and gas inventories are available.

"Timely, complete and granular energy market data reporting is urgently needed to detect emerging imbalances, reduce distortions in market signals, and restore stability more quickly and dependably," the IEF said.

It added that that disruptions in energy markets hit the most vulnerable populations first, and that cascading impacts can put global economic growth at risk.

The US-Israel war with Iran has resulted in Tehran severely restricting vessel passage through the Strait of Hormuz, through which one fifth of the world's seaborne oil shipments and global LNG supplies flows. The vast majority of those volumes go to Asia.

Meanwhile, attacks from both sides in the war have targeted the region's ports, fields, refineries and processing facilities.

"The inviolability and protection of energy infrastructure and trade, including the safe, unhindered passage of energy shipments across international land routes and maritime corridors must be reaffirmed and protected," the IEF said.