Brussels, 23/06/2008 (Agence Europe) - Participating alongside the representatives of 35 countries (including all the members of OPEC) and oil companies at a conference on oil prices held on 22 June in Jeddah, Saudi Arabia, Andris Piebalgs has called on oil producing and consuming countries to take joint measures to bring down the price per barrel, which last week reached a record level of $139. “Oil prices over $100 are damaging both for consuming and producing countries. We have a common interest to work as a partnership to reduce volatility in the markets and bring oil prices back to sensible levels. We need to act together to return confidence and stability to the world economy and prevent recession”, the Energy Commissioner said. “This can only be done by addressing market fundamentals. Oil producing countries should increase both production and investment in new production capacity. Consuming countries should push strongly on energy efficiency; ensure than emergency stocks are at high levels and combat market speculation. With determined action on all these fronts we can bring the price of a barrel to a reasonable level”, he added.
In a press release the European Commission recalls its five-point plan of September 2005 to combat high oil prices (EUROPE 9021). It also recalls its legislative proposals, currently under discussion, designed to meet this challenge: - a renewable energy directive to increase the green energy share of the EU's energy consumption to 20% by 2020; - an energy efficiency action plan based on 20% energy savings by 2020; - new rules to strengthen the emissions trading system in order to reduce EU greenhouse gas emissions by 20% by 2020; - a regulation requiring European automobile producers to reduce the CO2 emitted by cars by 2012 and a directive on fuel quality to force producers to reduce CO2 in their products. Finally, the Commission recalls the actions which it promotes at international level, such as a partnership between the major producing and consuming countries, joint scrutiny of the oil markets, aid to developing countries which are dependent on oil and international cooperation on energy efficiency (EUROPE 9679). (E.H. /transl.fl)