BRUSSELS (MNI) – In a meeting of OPEC and EU officials Monday,
participants concluded that, in order to minimize 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.
In a joint statement at the end of the seventh ministerial-level
meeting of the Energy Dialogue between the EU and OPEC in Brussels, both
groups also reiterated their mutual interest in stable, transparent, and
predictable oil markets.
Looking forward, the statement said the economic recession,
together with the introduction of new energy and environmental policies
in many consuming countries, “could add to longstanding uncertainties
about future demand.”
It warned that this could have considerable implications for future
upstream and downstream investment requirements, re-emphasising again
the issue of security of demand.
Still, both OPEC and the EU believe that fossil fuels will continue
to meet most of the world’s energy needs, with oil playing the leading
role.
“Both parties maintained a firm focus on meeting longer-term
challenges, in spite of the many hardships caused by the present world
economic crisis,” the statement said.
The reciprocal nature of energy security was emphasized, it
continued, “with security of demand recognised as being as important to
producers as security of supply is to consumers.”
Both parties said they will continue to analyze and discuss the
root causes of the recent financial crisis and economic recession,
including the financial losses incurred by producing countries.
“In addition, actions which help prevent a repetition of damaging
economic down-turns are needed,” it concluded.
** Market News International **
[TOPICS: MI$$$$,MI$OI$,M$$CR$,MGX$$$]
