CANCUN (Commodity Online) : The International Energy Forum (IEF) will discuss major industry concerns including oil-price volatility and the outlook for supply and demand at is ministerial conference starts here Tuesday.
The world's largest forum of energy producers and consumers, accounting for more than 90 percent of global oil and gas supply.
The two-day ministerial conference beginning tomorrow will build on the 11th IEF in Rome in 2008 and two ad hoc meetings in Jeddah and London in the second half of that year when oil prices spiked to record highs before plunging.
A ministerial declaration expected to touch on the issue of oil price volatility is due to be published at the conclusion of the IEF on Wednesday.
Crude oil futures endured a roller-coaster ride in the second half of 2008, when they hit record highs of above 147 dollars a barrel on supply concerns before tumbling to 32 dollars due to the severe global economic downturn.
Prices have since recovered to trade between $70 and 80 - a range which is pleasing both producers and consumers.
However the risk of volatility remains owing to an uncertain economic recovery and unrest in major oil producers such as Iran, Iraq and Nigeria.
Running alongside the IEF in Cancun will be the 4th International Energy Business Forum (IEBF), to be attended by 36 major oil companies.