Schroeder: Oil prices must become transparent

28th February 2005, Comments 0 comments

28 February 2005, RIYAHD - German Chancellor Gerhard Schroeder has kicked off a Middle East tour by urging further Saudi reform and reiterating his wish to see more transparency in oil prices, including in the speculation of markets. Speaking at a business forum in Riyadh Schroeder said that a topic at the upcoming G8 summit of industrial nations in Great Britain will be how information can be better exchanged over oil "supply and demand". As a reliable supplier and exporter of oil Saudi Arabia has a speci

28 February 2005

RIYAHD - German Chancellor Gerhard Schroeder has kicked off a Middle East tour by urging further Saudi reform and reiterating his wish to see more transparency in oil prices, including in the speculation of markets. 

Speaking at a business forum in Riyadh Schroeder said that a topic at the upcoming G8 summit of industrial nations in Great Britain will be how information can be better exchanged over oil "supply and demand".

As a reliable supplier and exporter of oil Saudi Arabia has a special responsibility, and has thus far done well in its role as the world's most prominent oil exporter, according to Schroeder. 

The German chancellor also called for movement on negotiations over a free trade agreement between the European Union and the six countries of the Gulf Co-operation Council - Saudi Arabia, Kuwait, Qatar, Bahrain and the United Arab Emirates. 

Schroeder warned against an arms race in the Near and Middle East if Iran goes ahead with its nuclear plans. He added that the leadership in Teheran must submit their nuclear programme to international control and guarantee that it is used exclusively for peaceful purposes. 

On Iraq, Schroeder said that the parliamentary elections were an important step on the way to the democratization of the country and were cause for "cautious optimism". German reconstruction experts would be sent to Iraq "as soon as the security situation permitted". 

The chancellor arrived in the Saudi capital early Sunday at the start of a week-long tour of seven Arab countries aimed at boosting Germany's trade and political relations in the Gulf region. 

On Sunday he urged Saudi Arabia to press ahead with democratic reforms saying that despite "some progress", measures already introduced did not go far enough.

Schroeder was speaking in Riyadh following talks with Crown Prince Abdullah.

The chancellor also spoke of the close ties between the two countries in the war on terror, saying his talks with the prince had covered issues such as events in Iraq and the Middle East peace push.

Both sides had agreed that the United States would play a key role in any solution to the Israeli-Palestinian conflict, according to German diplomatic sources.

DPA

Subject: German news 

0 Comments To This Article