Eu Foreign Ministers Call On Biarritz European Council To Decide On Oil Strategy

European Report, Oct 11, 2000

At its meeting on 9 October in Luxembourg, the General Affairs Council heard a report from the European Commission President Romano Prodi on the EU executive's 4 October Communication on the situation of EU oil supply (see European Report No 2533 for further details). The EU Foreign Affairs Ministers said in a statement that the problem of high and extremely volatile oil prices "constitutes an issue of concern".

The Ministers called on EU Heads of State and Government to devote part of their informal European Council in Biarritz on 13-14 October to considering ways of improving co-ordination between EU Member States on the use of their strategic oil stocks and deciding on a range of measures that would help reduce the EU's dependence on imported oil. The Council also picked up the Commission's theme of pursuing and deepening dialogue between oil-producing and -consuming nations, notably through a joint statement from the EU countries in the framework of the informal Ministerial dialogue between producers and consumers, the next session of which will take place in Riyadh, Saudi Arabia, on 17 November. Echoing the Commission, the Ministers also recommended closer co-operation with Russia in both the oil and gas sectors.