Luxembourg, 10/06/2004 (Agence Europe) - The sharp rise in oil prices on world markets dominated the discussions of the 25 European Union Energy Ministers during their lunch at the end of the Energy Council, held on Thursday in Luxembourg. "Ministers welcomed the downward trend in oil prices", the Irish Presidency told the press. Loyola de Palacio, EU Energy Commissioner, said for her part that she had "noted a change" in the way some Member State leaders look at the need to coordinate Community oil reserves to be able to face up to crisis situations.
The flexibility apparently displayed by certain countries with regard to the Community approach on the Community's oil stocks, according to Ms de Palacio, is very positive, especially so given the attitude of the Council and the European Parliament on its proposal to ensure co-ordinated management of oil stocks in Member States. The two institutions have in affect purely and simply rejected the proposal that sought to settle the problem in the context of the International Energy Agency. According to the Commission, after the recent hike in oil prices, "several delegations came out for a Community approach" and produced proposals in this sense. For example, this aimed to establish inventories on a weekly basis on oil stocks in Member States that could be communicated by the Commission. She explained that "to fight against speculation, it is necessary to get the market to work better and for that, transparency was needed". Initially, she added, "we are going to see if it is possible to begin on the basis of voluntary agreements". The Commissioner also insisted on the need to provide this information regularly.
While stressing that a certain European co-ordination was required for oil stocks, the Irish presidency highlighted the need to ensure co-ordination with the International Energy Agency and particularly "concentrate our efforts on sources of renewable energy".