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
In another move to strengthen the financial system, the Commission is proposing controls on credit rating agencies - private companies that evaluate financial risks for investors.
more »
Monday 10 November saw a large report land on the desk of MEPs in the Budgetary Control Committee.
more »
EU wants G20 meeting to pave the way for reform of the international financial system.
more »
New Yorkers reflect on the election of Barack Obama as the 44th President of the United States.
more »
The ability of the EU's common agriculture policy (CAP) to cope with the challenges of affordable food and climate change was discussed in Brussels 3-4 November.
more »
European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area).
more »
There are an estimated 4-8 million immigrants working illegally in the European Union.
more »
Hit by economic turmoil and the sharp global downturn, growth in the EU slows almost to a halt.
more »
The top priority is to cushion the impact of the financial crisis on jobs, purchasing power and prosperity of EU citizens.
more »
The International Monetary Fund has approved short-term financing to help emerging market economies weather the global financial storm.
more »