Brussels, 07/12/2011 (Agence Europe) - Faced with the threat of current prices in the weakened global economy, Commissioner Oettinger urged oil producing countries to take action to control price volatility and ensure that local markets were sufficiently well supplied.
On Tuesday 6 December in Doha (Qatar) during the World Petroleum Congress, Günther Oettinger underlined that “current price levels pose a real threat of a repeat of the negative developments in 2008, when oil prices were responsible, at least part way, for the global economic crisis”. He added that “there is a broad agreement that volatile and high oil prices are damaging for both producers and consumers … So I think it's mostly up to you, from the suppliers' side, to produce as much oil as we need to have an acceptable price. I think the oil price is sensitive, there is no question it will increase… I have no problem if this is the growth of 1%, 3% or 5% next year but a $30-50/barrel increase is not acceptable from our side.” North Sea Brent crude futures prices have been above $100/b for most of this year, with a peak of $127/b in April. Oil prices reached record levels in 2008, with a peak of $147/b in July, before plunging to below $40/b, when the world economy entered recession. (EH/transl.fl)