France asks EU to publish oil stocks weekly

20th April 2006, Comments 0 comments

PARIS, April 20, 2006 (AFP) - French Energy Minister François Loos asked the European Union Thursday to publish the level of oil stocks held across the bloc on a weekly instead of a monthly basis, to alleviate pressure on prices.

PARIS, April 20, 2006 (AFP) - French Energy Minister François Loos asked the European Union Thursday to publish the level of oil stocks held across the bloc on a weekly instead of a monthly basis, to alleviate pressure on prices.

"We need to show that oil production is sufficient in relation to consumption," Loos told a press conference. "That will dissuade speculators from driving up prices."

The United States publishes its oil stocks on a weekly basis.

World oil prices this week reached new historic peaks, above US $74 in London and US $72 in New York, driven up by tensions over Iran's nuclear program and supply concerns in the United States.

"There is no reason for the barrel price to be as high as US$74," Loos said, although he acknowledged that "tension and risks were a reality".

Sixteen of the EU's member states, those which are also members of the International Energy Agency (IEA), are obliged to hold stocks equivalent to 90 days' consumption for petrol, diesel fuel and heating oil.

The nine others have until the end of 2009 to meet the same obligation.

Copyright AFP

Subject: French news

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