Oil Producers,
Consumers Seek Stability
Oil
producers and consumers at the International Energy Forum say
they will call for greater oil market stability and
transparency.
The ministers spoke ahead of the biannual International Energy
Forum, which gathers officials from oil producer and consuming
nations as well as energy companies.
At the last meeting of the group in 2008, prices of crude oil
were near one hundred and fifty dollars per barrel, causing
added pain to developed economies already under pressure from
the recession.
The price surge caused demand to tumble, sending prices to below
thirty-three dollars a barrel this year and hitting the budgets
of consumer nations.
Now both sides appear to be unified in calling for steps to
promote market stability as global economies struggle to emerge
from the worst economic downturn since World War II.
Perfect Price
OPEC Secretary General, Abdullah al-Badri, said an oil price
between seventy and eighty dollars a barrel, where oil has held
for much of 2010, was good for producers and consumers and that
it was high enough to promote investment in new projects.
The head of the International Energy Agency which represents
consumer nations, Nobuo Tanaka, said that OPEC, the IEA and the
International Energy Forum have developed a plan to address oil
market volatility.
Mexican Energy Minister, Georgina Kesse said there was need for
price stability, which is one of the crucial points.
He said that IEF would produce a statement at the end of the
meeting, on Wednesday.
REAUTERS/Williams
