Premium
OPEC’s efforts on energy data transparency: Evidence from the Organization’s 60 year history
Author(s) -
Hassani Hossein,
Christodoulides Pantelis
Publication year - 2021
Publication title -
opec energy review
Language(s) - English
Resource type - Journals
eISSN - 1753-0237
pISSN - 1753-0229
DOI - 10.1111/opec.12202
Subject(s) - transparency (behavior) , data quality , quality (philosophy) , emerging markets , business , data collection , big data , energy market , energy (signal processing) , economics , industrial organization , marketing , finance , computer science , engineering , computer security , renewable energy , data mining , sociology , metric (unit) , philosophy , statistics , mathematics , electrical engineering , social science , epistemology
Abstract Data transparency is fundamental in the monitoring of markets and provides the bases of data‐driven decision‐making among market players. Energy markets and principally the oil market are by nature dependent on accurate, timely and high‐quality data, particularly during periods of downturn, or structural change. High‐quality and timely energy data also play a vital role in contributing to energy market stability. This paper captures only a small part of the richness in OPEC efforts towards promoting energy and, particularly, oil data transparency throughout the Organization’s 60 year history. The Organization and its Member Countries are continuously manifesting their commitment towards a transparent oil market place by numerous freely available publications, such as the OPEC ASB, MOMR and the WOO, while at the same time strongly supporting JODI data collection and several other data‐related activities. The Organization and its Member Countries are pioneers in implementing new technologies, such as digitalisation and Big Data towards setting higher data quality standards.