The European Union is talking with oil producers in the hope of persuading them to raise production and reduce oil costs
Published:
21 February 2005 y., Monday
The European Union is talking with oil producers in the hope of persuading them to raise production and reduce oil costs, EU Monetary Affairs Commissioner Joaquin Almunia said on Friday.
"We will continue a dialogue with the producers to increase the supply", he told reporters after talks with Austrian Finance Minister Karl-Heinz Grasser in Vienna. Asked if he wanted the Organization of Petroleum Exporting Countries (OPEC) to increase production in order to bring oil costs down, he replied: "It would be useful." But Almunia said Europe would have to encourage energy efficiency because there was little chance of oil returning to the $25-per-barrel levels of two years ago. "Unfortunately I don’t see the possibility for a bigger reduction in the future, so we need to reinforce our policies for improving efficiency in using energy."
"Europe has improved a lot in the energy efficiency of our economy and we will continue to do so in the future," he said. Almunia also said he was optimistic European finance ministers would agree on a new Stability Pact of fiscal rules when the ministers meet again in early March and be able to get unanimous support from a summit of government and state heads later next month.
Šaltinis:
The News International
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »