Date of release : 06-06-2005

Policy area : Competitiveness (Internal market, Industry and Research) Competitiveness (Internal market, Industry and Research)

Event : Competitiveness Council

During the Competitiveness Council in Luxembourg on 6 June 2005, the Ministers for the Economy of the European Union discussed the development of the oil price and its impact on the competitiveness of European companies. After the meeting, Jeannot Krecké stated: "We had a brief exchange of views on the messages to be sent to the oil-producing countries." The Minister announced that the three Presidencies of the European Union (the preceding Dutch Presidency, the current Luxembourg Presidency and the future UK Presidency) and the European Commission will meet representatives of the Organisation of Petroleum Exporting Countries (OPEC) in Brussels on 9 June.

Minister Krecké stated that "this is the first time that OPEC has agreed to meet the European Union." According to Jeannot Krecké, "we want to tell them that market transparency must be improved and speculation must be avoided so that the markets can regain stability and the high levels of [price] volatility we have experienced can be avoided."