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EU-OPEC Energy Dialogue

The EU imports around 40% of its oil from the Organisation of the Petroleum Exporting Countries (OPEC). High oil prices and uncertainty in oil markets have been encouraged by growth in oil demand and a reduction of spare capacity. In this context, the EU and OPEC have established in the second half of 2004 a high-level bilateral dialogue to enhance producer-consumer relations. The EU aims at a more stable international oil markets and prices, an attractive investment climate, a more transparent market, a better market analysis and forecasts as well as, technological and international cooperation.

EU-OPEC Round Table meetings