European Commission: Commissioner Simson participates in 15th EU-OPEC Energy Dialogue

On 12 April Commissioner for Energy, Kadri Simson, co-chaired with OPEC Secretary General Mohammad Sanusi Barkindo the 15th High-Level Meeting of the EU-OPEC Energy Dialogue in Vienna.

At the meeting, OPEC shared the short and longer-term outlook for oil markets, while the Commission presented its plans to curb methane emissions as well as the REPowerEU initiativaimed to end the EU’s dependency on Russian fossil fuels, boost the EU’s security of energy supplies and accelerate its energy system’s decarbonisation. Both sides acknowledged the importance of competitive, transparent and stable energy markets, and noted the harmful effects market fluctuations and volatility can have on economies.

The Commissioner reiterated the G7 call on oil and gas producing countries to act in a responsible manner, and to examine their ability to increase deliveries to international markets particularly where production is not meeting full capacity, noting that OPEC has a key role to play. This is especially important amid the market instability generated by the Russian aggression on Ukraine.