KUALA LUMPUR: A comprehensive data on energy demand and supply is needed to check the volatility of oil prices due to market speculation, said Datuk Seri Najib Tun Razak.
The Prime Minister said such energy data was needed in the interest of market transparency and to reduce risk of speculative activities.
“The extreme volatility that we have witnessed in oil markets cannot be explained by traditional sources such as geopolitics or the weather. I believe other contributing factors included the irresponsible behaviour of some financial investors,” he said in his keynote address at the 14th Annual Asia Oil & Gas Conference at the Kuala Lumpur Convention Centre yesterday.
Najib said the existing Joint Oil Data Initiative (Jodi) could be used as a platform to gather global data on energy.
Jodi, coordinated by International Energy Forum in co-operation with International Energy Agency (IEA), Asia-Pacific Economic Cooperation (APEC) and the Organisation of Petroleum Exporting Countries (OPEC), could encourage the relevant organisations and countries to provide more complete energy data, he said.
“There may be no consensus on a fair price for oil. But I believe oil prices must be low enough to facilitate economic growth, and it should be high enough to provide sufficient return to producers,” he said, adding that the price should also be high enough to discourage inefficient use of resources.
At a separate function, Najib said Malaysia was committed to the Asean roadmap for liberalisation of air services operating in the region.
The Asean roadmap would fully liberalise air services arrangements in the region by 2015.
Speaking at the 65th International Air Transport Association (IATA) annual general meeting yesterday, he said Malaysia was also working closely with other Asean countries on the possibility of a single aviation market like that in the European Union.
“This will probably be some distance away, but it is an exciting possibility,” he said.
Malaysia was also helping airlines reduce fuel consumption and carbon emissions through a revised air traffic control procedures as well as the implementation of the continuous descent approach for aircraft landing at the KL International Airport.
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