On Monday 11 April at the 15th High Level Energy Meeting between the European Union and the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, EU Energy Commissioner Kadri Simson reiterated the G7’s call for oil and gas producing countries to examine their capacity to increase deliveries to international markets, particularly where production is not running at full capacity.
The statement issued by the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) and the European Union on Thursday 10 March stressed that OPEC has a key role to play in easing tensions in energy markets caused by the war in Ukraine (see EUROPE 12909/5).
At their meeting, OPEC and the EU “recognised the importance of competitive, transparent and stable energy markets and noted the adverse effects that market fluctuations and volatility can have on economies”, the Commission said in a statement.
While OPEC outlined the short and longer term outlook for oil markets, the Commission presented its plans to reduce methane emissions and its plan to end the EU’s dependence on Russian fossil fuels, enhance the EU’s security of energy supply, and accelerate the decarbonisation of its energy systems (‘REPowerEU’ - see EUROPE 12906/4, 12917/7). (Original version in French by Damien Genicot)