login
login
Image header Agence Europe
Europe Daily Bulletin No. 9030
Contents Publication in full By article 22 / 53
GENERAL NEWS / (eu) eu/energy

Piebalgs welcomes OPEC efforts to stabilise oil market

Brussels, 19/09/2005 (Agence Europe) - At the end of a meeting on Sunday in Vienna with the president of the Organisation of Petroleum Exporting Countries (OPEC), Ahmed Fahed al-Saba from Kuwait on the eve of the conference organised by OPEC this Monday and Tuesday, the Commissioner for Energy Andris Piebalgs welcomed the “constructive approach PEC is taking towards the oil market and its efforts to stabilise the market, increase production according to the needs of the market and supply the market well”. Replying to journalists, Piebalgs did not, however, explain whether he had made a specific request to OPEC in terms of production. Neither did the Commissioner specify what price levels he wanted to see in the future. “We would like to have stable prices that will get good development for the EU…high prices were staring to have a negative impact on some EU countries…There have definitely been influences for bigger EU members for slowing down growth” but added that “the exact figure is up to the market to decide”. Although representatives from OPEC affirmed on Sunday that they were willing to increase their production, they again warned that the high price of oil was essentially due to insufficient refinery capacity which was out of their control.

Contents

A LOOK BEHIND THE NEWS
THE DAY IN POLITICS
GENERAL NEWS
ECONOMIC INTERPENETRATION
WEEKLY SUPPLEMENT