Brussels, Belgium – European Union Energy Commissioner Andris Piebalgs has called on oil-producing and oil-consuming countries to jointly take measures to bring oil prices down. The Commissioner was speaking in Jeddah, Saudi Arabia at a summit on oil prices.

“Oil prices over $100 are damaging for both consuming and producing countries,” Piebalgs said. “We have a common interest to work as a partnership to reduce volatility in the markets and bring oil prices back to sensible levels. We need to act together to return confidence and stability to the world economy and prevent recession.”

Piebalgs accepted an invitation by Saudi Oil Minister Al Naimi to attend the Oil Prices Summit organized by Saudi Arabia.

The European Commission said it plans in future to scrutinize the function of the oil and petroleum markets in the European Union and make suggestions for possible further actions; assist developing countries dependent on oil imports to mitigate short-term impacts of high fuel and food prices; to bring about structural improvements in those countries’ energy efficiency performance and use of alternative fuels; and to lead efforts in an increased drive for energy efficiency at home and internationally.

“This can only be done by addressing market fundamentals,” Piebalgs said. “Oil-producing countries should increase both production and investment in new production capacity. Consuming countries should push strongly on energy efficiency; ensure that emergency stocks are at high levels; and combat market speculation. With determined action on all these fronts, we can bring the price of a barrel to a reasonable level.”

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