Given their sheer magnitude, the payments made by companies for the purchase of oil, gas and minerals from governments or state-owned enterprises are of significant public interest. However, only a few commodity trading companies regularly publicly disclose information in respect of their payments to governments for the purchase of these publicly-owned commodities. This report makes a case for the development of a common global standard on transparency of payments that trading hubs, home governments and industry associations can use to ensure consistency, comparability and usability of data, building on the 2019 EITI Standard. Complementary measures by host governments and SOEs are necessary to set shared expectations across jurisdictions, including in producing countries. These include the adoption of disclosure policies as well as the inclusion of disclosure obligations in commodity sales contracts to set clear expectations on transparency of payments, and avoid potential conflicting requirements and bilateral negotiations.