The world's biggest energy sector forum opens here Tuesday urging oil producers and consumers to help prevent a repeat of the excessive price volatility witnessed during the economic crisis.
The biennial International Energy Forum (IEF) kicks off two days of talks concluding with the publication of a ministerial declaration on Wednesday, set to call for joint action in tackling risks to price spikes and tumbles.
In the second half of 2008, supply concerns sent crude oil prices surging to record highs of above 147 dollars a barrel before the severe global economic downturn sent them crashing to just 32 dollars.
Prices have since steadily recovered, occasionally spiking a little, such as on Monday when they rallied above 82 dollars as the US currency weakened and top oil and gas producer Russia saw deadly suicide attacks on the Moscow metro.
The 12th IEF beginning Tuesday will build on the last forum in Rome in 2008 and two ad hoc meetings in Jeddah and London later that year when oil prices endured a roller-coaster ride.
The IEF will be attended by OPEC, whose member nations, including Saudi Arabia, together pump about 40 percent of the world's crude.
Also present will be the International Energy Agency, which represents consumers as the energy-monitoring arm of the OECD grouping of the world's 30 leading industrialized nations.
"We have to tackle this issue (of price volatility) with OPEC," IEA head Nobuo Tanaka said in an interview with AFP on Monday.
"In the declaration of ministers in this Cancun meeting we expect a joint action agenda."
Tanaka said greater transparency regarding data on consumer nations' oil stockpiles was at the heart of tackling risks to price volatility.
"Even with this (stable) price level we have to increase transparency," he said.
The IEF began the process of improving inventory and energy demand data in 2001 with the launch of the Joint Oil Data Initiative (JODI), whose member organisations include OPEC, the IEA and Asia-Pacific's top economic club APEC.
"JODI organizations have worked hard to provide the market with better data," the body announced in a press statement on Monday but said more remained to be done.
"The heads of JODI organizations call on participating countries to further improve the completeness and quality of the data they submit... and urge greater clarity on oil stocks and demand data."
Tanaka meanwhile called on energy-hungry countries China and India to play a far greater role in meeting JODI's requirements.
"If they don't give us data how can we make a good judgement about the future prices?" he questioned.
In Cancun, the IEF will also have to look at "uncertainties affecting future supply and demand outlooks (and) unlocking the barriers holding back investment," said Mexico's Secretary of Energy Georgina Kessel Martinez.
The energy sector was also concerned with "encouraging increased cooperation and partnership among national and international companies, broadening energy access, and advancing clean technologies," said Martinez, whose country is co-hosting the IEF with Germany and Kuwait.
Running alongside the IEF in Cancun will be the 4th International Energy Business Forum (IEBF), to be attended by 36 companies, including bosses of oil majors China National Petroleum Corp (CNPC), ExxonMobil and Royal Dutch Shell.
A total 64 countries are expected to send ministers to the 12th IEF.