International Energy Forum

Last updated
International Energy Forum (IEF)
Logo of the International Energy Forum.jpg
Logo
Secretariat Riyadh, Saudi Arabia
Membership73 member states
Leaders
 Secretary General
Mr Joseph McMonigle (USA)
Establishment1991
Website
www.ief.org
International Energy Forum IEF Map International Energy Forum IEF Map.png
International Energy Forum IEF Map

The International Energy Forum (IEF) is an inter-governmental, non-profit international organisation which aims to foster greater mutual understanding and awareness of common energy interests among its members. The 73 Member Countries of the Forum are signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement.

Contents

The IEF is the neutral facilitator of informal, open, informed and continuing global energy dialogue. Recognising their interdependence in the field of energy, the member countries of the IEF co-operate under the neutral framework of the Forum to foster greater mutual understanding and awareness of common energy interests in order to ensure global energy security.

The IEF is unique in that participants not only include IEA and OPEC countries, but also key international actors such as Brazil, China, India, Mexico, Russia, and South Africa. The IEF member countries account for more than 90 percent of global oil and gas supply and demand. [1]

The Forum's biennial Ministerial Meetings are the world's largest gathering of Energy Ministers. The magnitude and diversity of this engagement is a testament to the position of the IEF as a neutral facilitator and honest broker of solutions in the common interest.

Through the Forum and its associated events, IEF Ministers, their officials, energy industry executives, and other experts engage in a dialogue of increasing importance to global energy security.

The IEF is promoted by a permanent Secretariat based in the Diplomatic Quarter of Riyadh, Saudi Arabia. [2]

The International Energy Forum also coordinates the Joint Organisations Data Initiative (JODI) which is a concrete outcome of the global energy dialogue.

Mission statement

The International Energy Forum aims to provide a platform for member-states to have access to open discussion and dialogue between countries that make up the global energy market. The Forum aims to gather all aspects of the energy market; producer, consumer and transit states. The goal of the forum is to create better understanding of the market on all sides, and to increase mutual awareness and understanding of existing member states.

Objectives

The fundamental aims of the Forum are:

History

The concept of a systematic producer-consumer dialogue emerged in the 1970s as a part of the general reorganisation in the global political and economic order with energy markets transforming the structure within individual countries as well as power balances and relations between countries. In the wake of the first Gulf War in the early 1990s, consumers and producers recognised their joint interest in the stability of the oil market, creating greater awareness, and understanding sensitivities toward each other's interests.

The Gulf War revealed the importance of a concerted and coordinated global response to an adverse supply shock. On October 1, 1990, at the United Nations General Assembly, Venezuelan President, Carlos Andrés Pérez called for an urgent meeting of producers and consumers under the auspices of the United Nations to help the world face the growing uncertainties and politics of the oil market. With the support of French President François Mitterrand, and Norwegian Prime Minister, Gro Brundtland, political support was gained for the initiation of a Ministerial Seminar of producers and consumers.

Established in Paris in July 1991, the International Energy Forum was created in order to stabilise the global energy market after the 1970s energy crisis, and the 1980s oil glut. One of the main priorities of the Forum was to bring together member-states and private corporations in order to increase awareness of national and international interests, and the workings of the market in order to avoid the instabilities of the previous two decades.

Organizations

Headquartered in the Diplomatic Quarter of Riyadh, Saudi Arabia, The International Energy Forum is a Secretariat organization. The forum is governed by an executive board which is composed of 31 representatives of ministries of the respective member states. The body is led by Secretary General, Joe McMonigle of USA. Mr McMonigle was appointed on August 1, 2020.

The International Energy Forum Secretariat is to ensure that the Forum is promoting a neutral platform for the exchange of information and views regarding conflicts and the future of the energy industry. Another goal of the executive board is to include both public and private entities in the global energy market in order to bring forth multiple viewpoints to the Forum.

Additional duties that are performed by the Executive Board include organizing all of the Forum's activities. These include all meetings and summits that are put on by the Forum, and also coordinates the Forum's Programme of Work.

The Joint Organisations Data Initiative (JODI)

IEF Energy Ministers recognized that the exchange and free dissemination of energy market data helps to mitigate uncertainty by improving market transparency and facilitating well-informed decision-making that instills investor confidence, supports market stability and strengthens energy security. The Joint Organisations Data Initiative, coordinated by the IEF since 2005, relies on the combined efforts of the eight JODI partner organisations (APEC, EUROSTAT, GECF, IEA, OLADE, OPEC, and UNSD), and more than 100 national administrations, and industry stakeholders to gather, verify and transmit the official data that populates JODI's two public databases JODI-Oil and JODI-Gas with key monthly supply and demand indicators. [7]

Related Research Articles

<span class="mw-page-title-main">Euro-Atlantic Partnership Council</span> Multilateral forum of NATO states

The Euro-Atlantic Partnership Council (EAPC) is a post–Cold War, North Atlantic Treaty Organization (NATO) institution. The EAPC is a multilateral forum created to improve relations between NATO and non-NATO countries in Europe and Central Asia. States meet to cooperate and discuss political and security issues. It was formed on 29 May 1997 at a Ministers’ meeting held in Sintra, Portugal, as the successor to the North Atlantic Cooperation Council (NACC), which was created in 1991.

<span class="mw-page-title-main">OPEC</span> Intergovernmental oil organization

The Organization of the Petroleum Exporting Countries is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

<span class="mw-page-title-main">Global financial system</span> Global framework for capital flows

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.

African Petroleum Producers Organization (APPO) is an organization of African countries producing petroleum. It was created on January 27, 1987, in Lagos, Nigeria, to serve as a platform for cooperation and harmonization of efforts, collaboration, sharing of knowledge and skills among African oil producing countries. The headquarters of the organization is in Brazzaville in the Congo. The Organization changed its name from African Petroleum Producers Association to African Petroleum Producers Organization in 2017.

<span class="mw-page-title-main">Southeast European Cooperative Initiative</span>

The Southeast European Cooperative Initiative (SECI) is a multilateral regional initiative that has been initiated by the European Union, the United States of America and the countries of Southeast Europe within the framework of the Organization for Security and Cooperation in Europe (OSCE) as a support to the implementation of the Dayton Accords in December 1996 at the inaugural session at Geneva on the basis of Final Points of Common EU-USA Understanding.

<span class="mw-page-title-main">World Nuclear Association</span> International non-profit organization

World Nuclear Association is the international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry. Its members come from all parts of the nuclear fuel cycle, including uranium mining, uranium conversion, uranium enrichment, nuclear fuel fabrication, plant manufacture, transport, and the disposal of used nuclear fuel, as well as electricity generation itself.

An energy superpower is a country that supplies large amounts of energy resources to a significant number of other countries - and therefore has the potential to influence world markets for political or economic gains. Energy superpower status might be exercised, for example, by significantly influencing the price on global markets or by withholding supplies. Nowadays, the term "energy superpower" is increasingly used to characterize nations at the forefront of energy transition and the development of renewable energy resources.

<span class="mw-page-title-main">Gas Exporting Countries Forum</span> Intergovernmental organization

The Gas Exporting Countries Forum (GECF) is an intergovernmental organization currently comprising 19 Member Countries of the world's leading natural gas producers: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela are members and Angola, Azerbaijan, Iraq, Mozambique, Malaysia, Norway, Peru and the United Arab Emirates are observers. GECF members together control over 71% of the world's natural proven gas reserves, 44% of its marketed production, 53% of the pipeline, and 57% of the liquefied natural gas (LNG) exports across the globe. It is headquartered in Doha, Qatar.

<span class="mw-page-title-main">Energy Market Authority</span>

The Energy Market Authority (EMA) is a statutory board under the Ministry of Trade and Industry of the Government of Singapore.

<span class="mw-page-title-main">IBSA Dialogue Forum</span> Commonly known as IBSA, a three-country alignment

The IBSA Dialogue Forum is an international tripartite grouping for promoting international cooperation among these countries. It represents three important poles for galvanizing South–South cooperation and greater understanding between three important continents of the developing world namely, Africa, Asia, and South America. The forum provides the three countries with a platform to engage in discussions for cooperation in the field of agriculture, trade, culture, and defence among others.

Hydrocarbon economy is a term referencing the global hydrocarbon industry and its relationship to world markets. Energy used mostly comes from three hydrocarbons: petroleum, coal, and natural gas. Hydrocarbon economy is often used when talking about possible alternatives like the hydrogen economy.

<span class="mw-page-title-main">Politics of Kuwait</span>

Kuwait is an emirate with an autocratic political system. The Emir of Kuwait, a hereditary monarch from the Al Sabah ruling family appoints the prime minister and other members of government, as well as members of judicial, police and financial institutions.

Energy security of the People's Republic of China concerns the need for the People's Republic of China to guarantee itself and its industries long- term access to sufficient energy and raw materials. China has been endeavoring to sign international agreements and secure such supplies; its energy security involves the internal and foreign energy policy of China. Currently, China's energy portfolio consists mainly of domestic coal, oil and gas from domestic and foreign sources, and small quantities of uranium. China has also created a strategic petroleum reserve, to secure emergency supplies of oil for temporary price and supply disruptions. Chinese policy focuses on diversification to reduce oil imports, which used to rely almost exclusively on producers in the Middle East.

The U.S.–China Strategic and Economic Dialogue (S&ED) was a high-level dialogue for the United States and China to discuss a wide range of regional and global strategic and economic issues between both countries. The establishment of the S&ED was announced on April 1, 2009, by U.S. President Barack Obama and Chinese President Hu Jintao. The upgraded mechanism replaced the former Senior Dialogue and Strategic Economic Dialogue started under the George W. Bush administration. High-level representatives of both countries and their delegations will met annually at capitals alternating between the two countries.

<span class="mw-page-title-main">Avoided Deforestation Partners</span>

Avoided Deforestation Partners, or AD Partners, is a non-profit organization under the auspices of the Center for International Policy in Washington, D.C. AD Partners is involved in the global effort to solve climate change by working to end deforestation in tropical rainforest countries. By avoiding the practice of deforestation, i.e., clearing forests to provide inexpensive farmland, potential carbon emissions are prevented. In addition, avoiding deforestation also allows forests to sequester carbon and scrub the air of pollutants. Beyond protecting the Earth's air quality, tropical forests facilitate conditions for rain, replenish water sources, provide habitats for myriad plant and animal species, and sustain the livelihoods of 1.6 billion people globally. Leading scientists and economists say that ending deforestation is the most cost effective and scalable method of reducing greenhouse gases. In fact, they believe that ending deforestation will cut the timeframe for solving the climate crisis in half.

Sustainability standards and certifications are voluntary guidelines used by producers, manufacturers, traders, retailers, and service providers to demonstrate their commitment to good environmental, social, ethical, and food safety practices. There are over 400 such standards across the world.

Energy in Iraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oil reserves and significant status within the Organization of the Petroleum Exporting Countries (OPEC).

The Consumer Goods Forum (CGF) is a global, industry-led network that brings together over 400 member companies, including retailers, manufacturers, and other stakeholders from 70 countries in the consumer goods industry. It focuses on driving positive change and greater efficiency within the industry by addressing global challenges like sustainability, consumer health, and ethical supply chain practices. Among its significant initiatives is the Global Food Safety Initiative (GFSI), an industry-driven approach to food safety and quality.

<span class="mw-page-title-main">Joint Organisations Data Initiative</span>

The Joint Organisations Data Initiative (JODI) is an international collaboration to improve the availability and reliability of data on petroleum and natural gas. First named the "Joint Oil Data Exercise", the collaboration was launched in April 2001 with six international organisations: Asia-Pacific Economic Cooperation (APEC), Statistical Office of the European Communities (Eurostat), International Energy Agency (IEA), Latin American Energy Organization (OLADE), Organization of the Petroleum Exporting Countries (OPEC), and United Nations Statistics Division (UNSD). In 2005, the effort was renamed JODI, joined by the International Energy Forum (IEF), and covered more than 90% of the global oil market. The Gas Exporting Countries Forum (GECF) joined as an eighth partner in 2014, enabling JODI also to cover nearly 90% of the global market for natural gas.

<span class="mw-page-title-main">Swiss Iranian Investment Forum</span>

The Swiss-Iranian Investment Forum (SIIF) is a Swiss nonprofit association, based in Geneva, Switzerland. Established as an international body, its mission is cited as "Global Initiative for responsible Investment” for promoting sustainable and responsible investment in Iran’s health, transportation, environmental, financial and other related and necessary sectors based on global finding about economic, social and environmental situation in Iran.

References

  1. SOURCE S&P Global Commodity Insight. "Recent Energy Crisis and Economic Shocks Underscore Need for a More Inclusive Approach to Energy Transition, New Report Says". www.spglobal.com.
  2. "IEF Overview | International Energy Forum". www.ief.org. Retrieved 2018-04-25.
  3. Goldthau, Andreas; Witte, Jan Martin (2010-03-01). Global Energy Governance: The New Rules of the Game. Brookings Institution Press. ISBN   978-0815704645.
  4. Correljé, Aad; Van Der Linde, Coby (2006-03-01). "Energy supply security and geopolitics: A European perspective". Energy Policy. 34 (5): 532–543. doi:10.1016/j.enpol.2005.11.008. ISSN   0301-4215.
  5. Graaf, Thijs Van de; Lesage, Dries (2009-09-01). "The International Energy Agency after 35 years: Reform needs and institutional adaptability". The Review of International Organizations. 4 (3): 293–317. doi:10.1007/s11558-009-9063-8. ISSN   1559-7431. S2CID   154471223.
  6. "IEF Charter | International Energy Forum". www.ief.org. Retrieved 2018-04-25.
  7. ""What is JODI?" Infographic (2017 Version)". www.jodidata.org. Retrieved 2018-04-25.