IEA, industry meetings intended to improve data reporting

The International Energy Agency and oil industry officials plan a series of meetings designed to improve statistics gathering and reporting.IEA, which has been criticized for the inaccuracy of its data (see article, p. 24), said the workshops complement an effort IEA and five other international organizations have initiated to improve oil-market transparency with more accurate, timely, and complete data.Robert Priddle, IEA executive director, said, "Lack of reliable data leads to uncertainty in markets, and uncertainty produces volatility, which is bad for producers and consumers alike."In an imperfect world, there will always be a need for second-hand and anecdotal evidence," he said. "B...

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