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
t
he 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.