OPEC Settled New Oil Production Data System

OPEC will announce today a new system of reporting its oil production.

The Joint Oil Data Initiative (JODI) aims to provide more accurate and timely data on the oil production of OPEC member states, estimates of which have previously been of a rather poor quality.

The hope is that the initiation of JODI improves the transparency of the oil market facilitate to some extent more precise price forecasts. This could then enable the avoidance of some of the volatility that has characterised the oil market in recent months and which has been of such serious concern to some consumers.