Brussels, 02/02/2006 (Agence Europe) - While the Organisation of the Petroleum Exporting Countries (OPEC) warned, on Wednesday, that President Bush's proposal to reduce the United States' dependency on oil from the Middle East could compromise the investment necessary in oil production and refining capacity in the Gulf, the Austrian Energy Minister and EU Council President, Martin Bartenstein, said that, with two thirds of world oil reserves, the “Middle East would become more rather than less important in supplying the Union with hydrocarbons. He told The Financial Times: “I would not see myself in a position of talking about such a significant decrease in demand from a certain region. We know the oil import dependency of the EU will increase, not decrease”. He went on to add: “Everyone will have to deal with oil and gas, especially from the Middle East”.