Brussels, 09/04/2002 (Agence Europe) - In an effort to examine oil price rises, the Vice-President of the European Commission in charge of energy, Loyola de Palacio, has decided to organised a meeting of oil supply experts on Thursday.
Composed of experts from Member States and the Director of the Directorate General for Energy and Transport at the Commission in charge of conventional forms of energy, this group can be called up by the Commission in accordance with Directive (73/238/EEC) of July 1973 in the event of difficulties that threaten the supply to the EU or one of its countries. On Thursday, the group will exchange views on the situation in the oil markets, on possible developments and if necessary on the measures to take in the EU or through the International Energy Agency. Asked for her reaction on Iraq's decision to suspend its oil exports for a month, Ms de Palacio's spokesman, Gilles Gantelet, indicated that the decision would not have a significant impact on the European market and would affect the USA more, which imports 50% of Iraqi oil exports. Mr Gantelet explained that with 2 million barrels a day, Iraq represented 3% of world production, and that the suspension of exports is limited to a month, "which is hardly of any consequence to the EU". "We are not in a crisis situation, prices (+/- 27 $ the barrel: Editor's note) is still situated in the 22 - 28 $ the barrel band and we are confident that producer countries will respect their commitments", he added. Ms de Palacio's spokesman asserted that he was not worried about Iranian and Libyan declarations threatening to follow Iraq's example, as they were for the moment only declarations.