named the Joint Oil Data Initiative. This initiative has developed very rapidly and has become the key topic at all major Energy Forums, representing about ninety percent of global oil supply and demand. The importance of this initiative cannot be overstated. After all, oil is, and will continue to be, the predominant source of the world's energy and the most traded commodity for many years to come. Reliable oil data can make this vast and critical system work more smoothly, to the benefit of both consumers and producers. Ladies and Gentlemen The Joint Oil Data Initiative is the result of what the producer-consumer dialogue can accomplish. It demonstrates that dialogue is more than just an exchange of words and ideas, but rather a necessary precursor to concrete cooperation and actions. The launching of the Joint Oil Data Initiative in November 2005, on the occasion of the inauguration of the IEFS premises by the Custodian of the Two Holy Mosques, is an important contribution to strengthening global consumer-producer dialogue. I know I speak for us all when I say that our interest is to create a reliable mechanism that will improve the quality and transparency of the information available on the oil market. With the launching of the JODI Database, coordinated by the IEF Secretariat, we have achieved a starting point towards full transparency. Saudi Arabia is currently active in data submission for this initiative and we are committed to continuing to provide the JODI Database with the highest quality data possible. --MORE
