• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 47 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 13 mins Never Bring A Rapier To A Gun Fight
  • 9 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 1 hour Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 3 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 7 hours USAvChina.com
  • 12 hours Aramco Production
  • 43 mins Democrats and Gun Views
  • 1 hour Lest We Forget... A Brief Timeline of China's Modern History
  • 13 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 hour Iran in the world market
  • 2 hours Visualizing US Oil & Gas Production (Through May 2019)
  • 12 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
Alt Text

U.S. Plays ‘Whac-a-Mole’ Game With Iran

The U.S. continues to impose…

Alt Text

A Fracking Ban Will Never Happen

Democratic candidates are ramping up…

Alt Text

Strong Crude Inventory Draw Sends Oil Higher

Oil prices rose on Wednesday…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

A Snapshot of the Global Oil Market: The Good and the Bad

JODI is the Joint Oil Data Initiative. A project run by the International Energy Agency and a consortium of partners, collecting data on oil demand and supply around the world.

Every month, JODI polls nearly 100 nations asking about their crude production, imports, stockpiles and refinery pulls. The result is one of the most comprehensive snapshots of the global oil market.

Perhaps equally interesting to the data itself, JODI publishes a bi-yearly evaluation of how good participating nations have been in providing data on their energy markets.

The system is simple. Countries are marked on three categories: whether or not they submitted all information, whether or not they got the information in to JODI on time, and the completeness of the provided information. As in elementary school, participants are given a happy, neutral or sad face in each of these areas (guess they ran out of gold stars).

Openness in energy markets has always been a big issue. For years there have been accusations that Gulf nations, for example, incorrectly report their reserves in order to receive higher production quotas from OPEC. Making it very tough to figure out what's happening with global oil supply and demand.

The JODI evaluation offers an interesting view on who's being "naughty or nice" when it comes to reporting. Here's the latest, covering the period July to December, 2009.

Global Energy Market

Some important petro-nations like Mexico, Nigeria, Norway, Saudi Arabia and Kuwait get three smiley faces, indicating a fair degree of openness about their oil market activities.

Nations that were not so forthcoming include Yemen, Vietnam, United Arab Emirates, Malaysia, Greece and Egypt. Interestingly, emerging market powers China, India and Russia submitted data on time but failed to provide the full spectrum of requested information. Perhaps some things they still don't want the outside world to know?

The JODI initiative is an ambitious and worthwhile one. Hopefully more nations play ball over the coming months and years.

By. Dave Forest of Notela Resources




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play