EU, OPEC Call For Maintaining Stable, Transparent Oil Markets During Energy Dialogue Talks

Representatives from the European Union and the Organization of the Petroleum Exporting Countries (OPEC) have stressed the importance of maintaining stable and transparent oil markets during talks on Tuesday

MOSCOW (Pakistan Point News / Sputnik - 27th October, 2020) Representatives from the European Union and the Organization of the Petroleum Exporting Countries (OPEC) have stressed the importance of maintaining stable and transparent oil markets during talks on Tuesday.

Both parties attended the 14th High-Level Meeting of the EU-OPEC Energy Dialogue via videoconference on Tuesday, and the oil price volatility seen earlier in the year following the outbreak of COVID-19 featured on the agenda.

"Both the EU and OPEC recognized the harmful economic effects of excessive oil price volatility and stressed the importance of open, transparent and stable markets in ensuring predictable demand and security of supply as well as sustainable economic growth. Both sides also highlighted the need for adequate and timely investments to ensure lasting, sustainable recovery," a joint press release published by OPEC read.

The EU and OPEC will continue to maintain their dialogue, especially as Brussels looks to complete its green transition to a climate-neutral economy, according to the press release.

Additionally, the two entities will look to improve their data systems and increase data transparency in order to promote cooperation and the mutual understanding of energy market drivers, according to the press release.

During the meeting, OPEC was represented by Secretary General Mohammad Sanusi Barkindo, and the European Union's delegation was headed by Kadri Simson, the European commissioner for energy.

The next meeting of the EU-OPEC Energy Dialogue has been scheduled for 2021. Both parties will look to hold the meeting in-person in Brussels, the EU and OPEC said in the press release.