DAVOS - EU's Piebalgs says 'happy' with oil price, given world growth rates |
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Fri, 26 Jan 2007 11:05
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DAVOS, Switzerland (AFX) - European energy commissioner Andris Piebalgs said he is 'happy' with the current level of the oil price, given economic growth rates in the world.Speaking at a news conference at the World Economic Forum, Piebalgs said he favours market forces of supply and demand setting the oil price.'I am happy with the oil price with the growth rates we have in the world,' he said.Piebalgs also said he will monitor closely the links between Gazprom and Algerian energy group Sonatrach despite assurances received on the extent of the their links.Earlier this week, the commissioner said he was concerned that Russian and Algerian gas suppliers could cooperate to form 'a kind of cartel' in the production and distribution of gas in Europe.'They deny an intention to create a gas cartel and say that they aim for assets swaps, technical cooperation and handling of Russian investments in Algeria,' Piebalgs told reporters today.Together the two companies represent 35 pct of Europe's gas suppliers -- 25 pct from Gazprom and 10 from Sonatrach, he said.'We have got assurances that it is not the case. We will follow this cooperation very closely' he said, adding he favours as many suppliers as possible.Yesterday, Gazprom deputy chairman Alexander Medvedev denied the cartel charge and said the links were normal business cooperation.nigel.tutt@thomson.comjsa/nt/cwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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