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Speeches, Interviews

07.06.2006

Opening statement by Federal Minister Bartenstein at the 3. EU-OPEC Energy Dialogue


 

Ministers, Commissioner, Secretary General,
Ladies and Gentlemen,

It is a great pleasure and honour for me to open the 3rd Meeting within the framework of the EU-OPEC Dialogue which obviously has become a more and more successful project right from the start. Before focussing on actual relevant and important issues we have to deal with, I would like to express cordially my personal thanks to all of you, who have so far contributed to a large and indispensable extent to this new dimension of mutual understanding and cooperation both between producing and consuming countries.

Throwing a glance at the current oil market situation, we have clearly to state that there is still a high degree of volatility and uncertainty, inter alia caused by political backgrounds. In the judgement of international analysts persistent high levels of oil prices include actually a risk premium of up to $ 15/barrel. Against this background it is very promising that OPEC recently announced an increase of its spare capacity by 3 million barrels/day by end of the year. This should contribute effectively to ease the existing market tensions.

Let me now briefly have a look at the prosperous interim balance sheet of OPEC’s and EU’s joint venture. A lot of important and fundamental areas have been identified and discussed:

  • Close cooperation of suppliers and consumers is the only means to achieve such a degree of transparency, stability and predictability which enables both producers and consumers to trust in the free interplay of supply and demand in the global oil and gas market.
  • An increase of spare crude oil production as well as an increase of world-wide refining capacities would contribute to more stable oil markets. Mobilising  investments both in the upstream and downstream are essentially necessary to reduce the uncertainties of the future oil market.
  • Great importance has to be attached to market stability and reasonable prices for both producers and consumers, for world economy at large, and especially the economies of developing countries.
  • With regard to the high volatility of oil prices more attention should be drawn to international financial markets in connection with speculative transactions and their potential negative impact on the global oil supply.
  • On behalf of an upgraded market transparency and reliability there is also a vital need for further and even deepened cooperation in the context and particular objectives of the Joint Oil Data Initiative (JODI) which has been launched at the end of 2005 within the International Energy Forum.

Concentrating on our today’s agenda I am convinced that we might accelerate the progress of work which has been done so far. The Austrian presidency, and in particular myself, expects the ongoing dialogue between OPEC and EU not only to be maintained on the existing considerable level but also possibly extended.

Among the tasks and objectives mentioned before we should tackle in this connection the subsequent activities and necessities like:

  • Enhancements of instruments and methodologies concerning the predictability   for both supply and demand.
  • Joint evaluation of possible effects of the EU Green Paper “A European strategy for a sustainable, competitive and secure energy” on the future oil market situation.
  • Promoting enlarged collaboration on technical matters such as new oil and gas technologies, carbon dioxide storage and sequestration and enhanced oil recovery.
  • Further investigations of financial markets.
  • Evaluation and potential removal of obstacles concerning investments in the refining sector

Bearing in mind that the cooperation between OPEC and EU is well on the way, I am convinced that this meeting will be another milestone on a flourishing cooperation between these two organisations.

Thank you!

 

 

 

Date: 07.06.2006