The European Union and OPEC need to join forces to find a solution for meeting increasing oil demand while endeavouring affordable prices and a sound economic growth, emphasised Minister of National Development Tamás Fellegi at the eighth ministerial meeting of the Energy Dialogue of the European Union and the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on 27 June 2011.

During the meeting Tamas Fellegi pressed for the reinforcement of a transparent and effective dialogue between the European Union and OPEC. As he pointed out, one of the most significant objectives of the European Union was to create and maintain a secure energy market, achieve sustainable development in the international oil market, price and production stability and the creation of transparency, predictability and balance, while increasing related money market lucidity. The European Union does its utmost to become an integrated, thoroughly interconnected and secure energy market.

Oil will continue to have a significant role in the EU’s energy balances. In order to provide for secure supply, we need appropriate investments all over the world, in particular in the area which owns more than two-thirds of world reserves, Mr Fellegi thought.

Climate change remains a priority issue for the European Union. In his capacity as the incumbent chairman of the European Union, Tamás Fellegi invited OPEC to join, wherever they are affected, Roadmap 2050 to provide pathways to achieving a competitive, low-carbon economy, as well as the EU’s efforts at elaborating energy policies endeavouring to create sustainable future energy supply.

Tamás Fellegi expressed his appreciation for the smooth cooperation between the EU and OPEC and reassured the Organisation of Petroleum Exporting Countries of the European Union’s intention to continue, deepen and develop our relations. As he put it, there was a need for increased cooperation in health care, industrial safety and environment protection.

The representatives of the European Union and the Organization of the Petroleum Exporting Countries (OPEC) have regularly met since 2004. Continuous and institutionalised contacts are justified for reasons of the European Union’s increasing oil demand and in order to moderate high oil prices as well as market uncertainties.

(Ministry of National Development , Department of Communication)