Oil price volatility in focus at world energy forum

The world's largest energy forum begins meetings on Monday over oil price fluctuations and safeguarding supplies amid heightened tensions over Iran's nuclear programme and a softening in global growth.

Oil ministers and delegates from the 88-member International Energy Forum (IEF) are holding their biennial three-day gathering in the Gulf emirate of Kuwait to discuss the role of the forum in tackling market volatility.

Ministers will discuss "energy market fluctuations and the role of the International Energy Forum and its member states in dealing with them," according to a statement by the organisers.

They will also discuss "the long-term demand for energy, safeguarding supplies and drawing of appropriate policies for ensuring energy supplies," it said.

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The International Energy Forum (IEF) aims to foster greater mutual understanding and awareness of common energy interests among its members.

The 88 Member Countries of the Forum are signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement.

Covering all six continents and accounting for around 90% of global supply and demand for oil and gas, the IEF is unique in that it comprises not only consuming and producing countries of the IEA and OPEC, but also Transit States and major players outside of their memberships, including Argentina, Brazil, China, India, Mexico, Oman, Russia and South Africa. Sitting alongside other important developed and developing economies on the 31 strong IEF Executive Board these key nations are active supporters of the global energy dialogue through the IEF.