The European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC) agreed on Tuesday that secure future demand of oil is key to spurring oil investment to guarantee supply.
The EU and OPEC "recognized the importance of secure future demand for crude and products in spurring timely investment both upstream and downstream, thus contributing to greater security of supply," said energy officials from both sides in a joint statement after a meeting here.
The fifth EU Energy Dialogue, attended by EU Commissioner for Energy Andris Piebalgs and OPEC President Chakib Kheli and secretary general Abdullah al-Badri, among others, took place in the aftermath of a global summit on oil prices in Saudi Arabia's Red Sea city of Jeddah Sunday.
The summit, which brought together the world's major oil producers and consumers, ended with a call for more investment and improved transparency in the oil industry.
During the dialogue, the EU confirmed its policy developments would not translate into a reduction in oil imports.
"In 2030, according to our forecasts, the EU will be importing more oil than we are importing today, even taking into account that all our climate change policies will be in place," Piebalgs said after the meeting.
The EU is currently promoting the use of renewable energy and biofuels in its ambitious plan to reduce oil dependence and diversify energy supply, which causes concern among oil producing countries about a dwindling demand.
Despite the EU's assurance, OPEC leaders "stressed the uncertainties related to the demand for its crude, stemming mainly from technology, alternative fuels as well as consuming countries' policies".
Source:Xinhua
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