The UK played a full part in the International Energy Forum (IEF) in Rome in April. It was involved in the preparations for the event in its role as a member of the executive board of the IEF Secretariat. Then I led the UK delegation to the forum itself, where I chaired one of the four main sessions of the event on the topic ‘Towards a Sustainable Energy Future’. I held bilateral discussions with other Energy Ministers and gave a number of media interviews.
We were very pleased with the outcome of the forum and its main conclusions which were:
To call on relevant organisations to explore the understanding of energy market fundamentals and the impact of financial markets;
To ask the IEF Secretariat to prepare a report focusing on actions to remove key uncertainty factors holding back energy investment;
To promote increased cooperation between international oil companies (IOCs), national oil companies (NOCs) and service companies
To encourage renewed technology transfer and collaboration between producing and consuming countries;
To reaffirm support for the Joint Oil Data Initiative (JODI) and the importance of increasing transparency in the oil market.