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
Motorola, Inc. today reported sales of $7.5 billion in the third quarter of 2008.
more »
The global financial crisis has already battered many European banks. Now it is hitting the EU auto industry, the world’s largest producer of motor vehicles.
more »
The European Commission has approved, under EC Treaty state aid rules, a German rescue package intended to stabilise financial markets by providing capital and guarantees to eligible financial institutions.
more »
A new report by the European Commission has assessed the competitiveness of the European Union in the global economy at the end of a decade of rapid economic change.
more »
Revenue surpasses $15 billion with healthy sales of enterprise software and Xbox 360 consoles.
more »
Airport charges are one of the hidden costs of flying and usually they are passed on from airlines to passengers.
more »
US and European leaders agree to series of summits on world finance.
more »
On Monday MEPs will debate a recovery plan for cod stocks in the North Sea and West Scotland. With over 70% of the world’s fish species already fully exploited or depleted, fisheries faces a crisis.
more »
A new study released by the European Commission today confirms the trend towards more private pension provision in the EU but highlights the need for inclusive coverage and adequate pension levels.
more »
Thursday, October 16, Brussels. President of the Republic of Lithuania Valdas Adamkus attended the second day session of the European Council meeting.
more »