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EU urges OPEC to increase production |
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August 23, 2000
BRUSSELS (AP) - The European Union asked the Organization of Petroleum Exporting Countries on Tuesday to increase oil production to bring down prices. Gerassimos Thomas, a spokesman for the EU Commission, the organization's executive body, said EU Energy Commissioner Loyola De Palacio telephoned Venezuelan Oil Minister Ali Rodriguez, current president of OPEC, on Monday to ask him to bring prices down. "These changes in oil prices are leading to great volatility," Thomas said. "The EU asked Venezuela to try and moderate their stance on the oil price and to have a more reasonable price." EU officials said the 15-nation bloc would like to see the price of crude oil around dlrs 25 a barrel. Oil prices have been trading recently near 10-year highs, close to dlrs 30 a barrel. Thomas said the EU was working with the United States to coordinate efforts to bring down the price of oil.
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