Conclusions of the EU-OPEC Energy Dialogue
The seventh ministerial-level meeting of the Energy Dialogue between the European Union (EU) and the Organisation of the Petroleum Exporting Countries (OPEC) took place in Brussels this week, in presence of Günther Oettinger, EU Commissioner for Energy.
This year’s meeting was taking place against a backdrop of continued financial constraints and economic concerns, although there are signals that the global economy is emerging from the crisis, albeit at different paces in different regions.
Hence, the meeting underlined the important role that the dialogue has been playing in facilitating constructive exchanges between the parties to help restore stability to the markets, in the interests of producers and consumers alike.
Participants reiterated their mutual interest in stable, transparent, and predictable oil markets. The meeting also repeated its conviction that, in order to minimise the risk of facing excessive market volatility, adequate regulatory reforms, including greater transparency, need to be part of an overall reshaping of the global financial sector.
The EU-OPEC Energy Dialogue will continue to analyse and discuss the root causes of the recent financial crisis and economic recession, including the financial losses incurred by producing countries.
Participants also looked at global economic developments and the longer-term energy outlook. Both OPEC and the EU
thereby noted that fossil fuels would continue to meet most of the world’s energy needs, with oil playing the leading role.
The reciprocal nature of energy security was equally emphasized, with security of demand recognised as being as important to producers as security of supply is to consumers.
Both parties agreed on the importance of sharing information on future demand and supply scenarios. They also recognised the benefits and increasing importance of the Joint Oil Data Initiative, in which both institutions participate.
Moreover, EU and OPEC reaffirmed their commitment to the principles of sustainable development, with its three mutually supportive pillars of economic development, social progress and protection of the environment, as well as recognition of the special needs of the world’s poorest communities.
EU-OPEC activities for the coming year:
International roundtable on the challenges facing offshore oil and gas exploration and production activities
Study to explore the potential of technological advances in transportation and the time-frame for their introduction in different regions, and to assess their impact on oil demand.
Roundtable to examine the causes of the skilled workforce shortage in the energy and oil industry
The 8th EU-OPEC Ministerial Meeting is scheduled
to take place in June 2011 in Vienna.
EU-OPEC Energy Dialogue