"Our member nations are continuing to work hard to increase the efficiency and environmental credentials of petroleum," Al-Badri said. "In this respect, carbon capture and storage has enormous potential and offers a real win-win solution. It needs to be commercialized quickly and developed countries should take the lead given their historical responsibility and their technological and financial capabilities," he added.

He also expressed support for the Joint Oil Data Initiative, which the IEF formally launched on Monday, a database of monthly oil statistics which includes the 30 largest oil producers and oil purchasers among its 100 contributors.

"In a short time it has evolved into an internationally respected initiative that enhances the transparency, scope, quality and timeliness of data," he said, adding that this should help stabilize oil prices. "We need to lessen the magnitude of the swings and I feel there is now a common understanding that a price that is neither too high nor too low is favorable to all."

The 12th IEF has attracted representatives of 64 nations and 16 international organizations to Cancun for the two-day meeting.

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