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OPEC, EU discuss their energy ties

Nov. 12, 2013 at 6:42 AM   |   Comments

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VIENNA, Nov. 12 (UPI) -- OPEC discussed with European leaders the tepid economic climate in the eurozone though there were cautious signs of recovery, the oil cartel said.

Oil ministers from members of the Organization of Petroleum Exporting Countries met with their counterparts from the European Union, including Energy Commissioner Gunther Oettinger, in Vienna to discuss trends in the European energy sector.

OPEC, in a readout of the meeting, said Monday it saw positive signs coming out of the troubled eurozone, the 17-nations that share the euro as currency, but said it was viewing those signs with "an air of caution."

Eurostat, the region's statistical office, said last month the annual inflation rate in the eurozone dropped to 0.7 percent in October for a third consecutive decline.

EU leaders said they were not only wary of their dependence on foreign energy reserves to meet their demands but also about the health of its own energy sector. An EU study from earlier this year found there were "bottlenecks" in the industry, meaning the oil and gas industries "have lost their attractiveness" to workers, OPEC said.

OPEC said oil remains the dominant form of energy for the foreseeable future.

The joint meeting was part of a routine annual dialogue between the EU and OPEC.

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