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 $25-per-barrel levels of two years ago. "Unfortunately I don’t see the possibility for a bigger reduction in the future, so we need to reinforce our policies for improving efficiency in using energy."
"Europe has improved a lot in the energy efficiency of our economy and we will continue to do so in the future," he said. Almunia also said he was optimistic European finance ministers would agree on a new Stability Pact of fiscal rules when the ministers meet again in early March and be able to get unanimous support from a summit of government and state heads later next month.
Šaltinis:
The News International
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.
more »
The European Commission, through its longstanding cooperation with the US and Canada, announces the launch of 33 new and innovative projects involving universities and training institutions on both sides of the Atlantic.
more »
Today at the VII World Congress on Alternatives and Animal Use in the Life Sciences in Rome, the European Commission and the European cosmetic industry presented their joint financial effort for research into alternative safety testing methods.
more »
SEB Bank, the largest bank in Lithuania, invests almost LTL 4.6 million in to the upgrade of its data transmission network.
more »
The World Bank’s Board of Executive Directors today approved a credit of US$ 36.6 million equivalent of additional financing for the Lifeline Road Improvement Project for Armenia.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Latvia's performance under an economic program supported by a 27-month Stand-By Arrangement.
more »
The Commission has today decided to close the formal investigation procedure into the privatisation and restructuring of Austrian Airlines concluding that the restructuring following its sale to Lufthansa is compatible with community law.
more »
Ben Bernanke's reappointment as head of the Federal Reserve did not come as a surprise, but Wall Street still responded with the proverbial thumbs up.
more »
Over I half-year 2009 accommodation establishments had by 22 per cent less guests.
more »
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
more »